What is Foreign Trade Policy 2023?
The FTP 2023 is a document containing policies of time-tested schemes for making exports easier. The Foreign Trade Policy (FTP) 2023 was launched by Union Minister Shri Piyush Goel. The goal of the FTP 2023 is process automation and re-engineering to make it easier for exporters to conduct business. Additionally, it concentrates on new fields such as working with States and Districts to promote exports, enabling the export of e-commerce, and dual-use high-end technological items under SCOMET.
Pillars of Foreign Trade Policy 2023
- The government is rewarding and extending support to encourage exporters.
- Indian exporters from different regions of India and outside the country work together to boost the export of Indian goods.
- The government makes it easy for businesses to continue smoothly by reducing the costs of transactions and using online platforms.
- Encouragement to new businesses such as e-commerce and development of districts.
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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