India's new foreign trade policy unveiled, eyes USD 2 trillion exports by 2030

India unveiled its much-awaited new Foreign Trade Policy 2023-28 on Friday, with a view to boost exports amid slowing global trade. Commerce and Industry Minister Piyush Goyal announced the foreign trade policy, according to the ministry.

The government came out with FTP 2023 which seeks to boost the country's exports to USD 2 trillion by 2030 by shifting from incentives to remission and entitlement-based regime.

Unlike the practice of announcing 5-year FTP, the latest policy has no end date and will be updated as and when needed, said Director General of Foreign Trade (DGFT) Santosh Sarangi while briefing media about FTP 2023.

The current foreign trade policy (2015-20) is in force till March 31, 2022.

The term of the previous five year policy had ended in March 2020. However, it has been extended repeatedly in wake of Covid outbreak and resulting lockdowns.

The last extension was given in September 2022 till March 31, 2023.

Goyal will announce the foreign trade policy which is expected to outline the vision statement for taking India's goods and services exports to USD 2 trillion by 2030.

The country is likely to end this fiscal year with total exports of USD 760 billion as against USD 676 billion in 2021-22.

India's trade has been hit by supply chain disruptions and slowdown in global trade amidst ongoing Russia-Ukraine war.

The new policy is likely to incorporate WTO-compliant export promotion measures.

Speaking at an event in Mumbai, Goyal said that amidst all the economic challenges faced by many countries, India is the bright spot, which almost everybody recognises and respects.