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Latest UpdatesNewsWorldThe 2023 Foreign Trade Policy

The 2023 Foreign Trade Policy

The new Foreign Trade Policy (FTP), recently launched by the Indian government and replacing the previous one introduced in 2015, is now in effect.

The new foreign trade policy (FTP) aims to increase India’s total exports to $2 trillion by 2030 with equal contributions from the goods and services sectors; the revised FTP went into force on April 1, 2022.

Indian commercial connections with the rest of the world are outlined in the Foreign Trade Policy, which also includes strategies and laws. Thus, to stimulate international trade and preserve a favorable balance of payments, the government is mandated to develop, execute, and monitor trade policies under the Foreign Trade Development and Regulation Act, of 1992.

Therefore, the preceding regulation went into effect in 2015. By 2019–20, it aimed to increase India’s exports from $465 billion in 2013–14 to $900 billion. At the end of its inaugural term in 2019–20, it successfully implemented several programs to promote exports, leading to $526.55 billion in exports of products and services. Unfortunately, the pandemic and geopolitical unrest halted the export momentum in 2020–21.

Nevertheless, the new FTP will be altered as necessary to adapt to evolving conditions. To improve and update the policy, the government will often solicit feedback from pertinent parties. The government’s commitment to promoting exports and generating job opportunities is reflected in the new FTP’s adaptability and reactivity, which are positive signs for India’s export industry.

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