Highlights of Foreign Trade Policy 2023
These policy changes have been carried out since 2015 without the announcement of a new FTP. The key highlights of the foreign trade policy 2023 are as follows:
- Reducing minimum exports required for exporters to be recognized as a high achievers. This allows small exporters to receive the benefits of low transaction costs.
- Introduction of e-initiatives to provide easier access to the global market for MSMEs.
- Encouraged recognition of new towns through the “Towns of Export Excellence Scheme”.
- FTP 2023 has no sunset provision meaning it has no end date.
Foreign Trade Policy (FTP) 2023
Foreign Trade Policy (FTP) 2023 was recently introduced by the Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles. This policy, effective from April 1, 2023, aims to maintain the continuity of well-established schemes that support exports while also being adaptable and responsive to the evolving needs of trade. The policy aims to achieve a long-term vision of increasing India’s exports of goods and services to $2 trillion by 2030, which would enhance India’s share in global trade and boost its economic growth. The policy also seeks to align India’s foreign trade with its national priorities and global commitments.
In this article, we will read about Foreign Trade Policy (FTP) 2023, its impact on the future of India, challenges related to this policy, etc.
Table of Content
- What is Foreign Trade Policy 2023?
- What is India’s Foreign Trade Policy?
- Types of Foreign Trade Policy (FTP)
- Features of Foreign Trade Policy 2023
- Objectives of Foreign Trade Policy (FTP)
- Highlights of Foreign Trade Policy 2023
- Impact of Foreign Trade Policy 2023
- Challenges to the Foreign Trade Policy (FTP) 2023
- Latest News On – Foreign Trade Policy (FTP)
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