Skip to main content

India unveils Foreign Trade Policy 2023, eyes USD 2 trillion exports by 2030

Earlier, Commerce and Industry Minister Piyush Goyal unveiled (FTP) Foreign trade policy  2023 which will come into effect from April 1, 2023.

New Delhi, Mar 31 (PTI) The government on Friday came out with Foreign Trade Policy (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.

Earlier, Commerce and Industry Minister Piyush Goyal unveiled FTP 2023 which will come into effect from April 1, 2023.

The DGFT also said India is likely to end this fiscal year with total exports of USD 760-770 billion as against USD 676 billion in 2021-22.

The last five-year policy came into force on April 1, 2015. However, it was extended several times in the wake of coronavirus outbreak and subsequent disruptions in economic activities globally. The last extension was given in September 2022 till March 31, 2023.

The new FTP identifies four new Towns of Export Excellence (TEE) — Faridabad, Moradabad, Mirzapur and Varanasi — in addition to the already existing 39 TEEs.

The FTP benefits have been extended to e-commerce exports, which are estimated to grow to USD 200-300 billion by 2030.

The value limit for exports through courier service is being increased from Rs 5 lakh to Rs 10 lakh per consignment, he said.

The new FTP also seeks to make the Indian rupee a global currency and allow international trade settlement in the domestic currency.

The DGFT further said FTP 2023 is dynamic and responsive to the emerging trade scenario. He also said the department of commerce is being restructured to make it “future-ready”.

The post India unveils Foreign Trade Policy 2023, eyes USD 2 trillion exports by 2030 appeared first on India Retailing.



from India Retailing https://ift.tt/Kta3Szj
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
70 comments
Read more

Sagar Daryani, CEO and Co-founder – Wow! Momo & Saga: From a Kiosk to a Kingdom

Sagar Daryani’s entrepreneurial odyssey from humble beginnings to pioneering success has redefined the landscape of food startups in India. Co-founding Wow! Momo, he has spearheaded the growth of the largest indigenous QSR chain in the country, crafting a remarkable saga of triumph The Genesis: A Visionary Venture Takes Root In 2008, armed with a mere Rs. 30,000 and boundless ambition, Sagar Daryani and Binod Homagai embarked on their entrepreneurial journey while still pursuing their graduation in B.Com Hons from St. Xavier’s College, Kolkata, even before their college results were out. They knew the value for money and boot-strapped to plough back profits and grow their venture. Sagar spearheaded brand expansion, brand creation, and marketing and retail operations. Grew across the city with a strong consumer focus. The early days were hard but keeping track of the money flow was even harder. Believing in the concept of ‘1 rupee saved is 5 rupees earned’, and the lessons they lear...
1 comment
Read more

Homegrown ice cream chain HOCCO to open 250 stores, eyes Rs 400 crore by FY26

Ankit Chona, Founder and Managing Director of HOCCO, delves into the company’s revenue model, growth strategies, and vision for the future… Bengaluru: HOCCO (House of Chonas Collaborative) , the Ahmedabad-based ice cream and quick-service restaurant (QSR) chain, boasts a rich legacy spanning over 70 years, with roots tracing back to pre-independence India. The Chona family has been deeply entrenched in the food industry since 1944, originally operating in undivided Pakistan. Following the Partition, Satish Chona , an engineer with British Overseas Airways Corporation, relocated from Karachi to India. After journeying through multiple cities, he ultimately settled in Ahmedabad, where he established his first QSR outlet in 1953. Three decades later, he expanded into the casual dining segment, launching a restaurant in Baroda while continuing the family’s ice cream manufacturing business. However, in 2017, the company sold its ice cream division to a South Korean firm, shifting its fo...
Post a Comment
Read more