Foreign Trade Policy 2023: Govt breaks tradition of target year

Unveiling the much-awaited Foreign Trade Policy, Commerce Ministry on Friday broke the tradition of a policy lasting for five years and will instead adopt a ‘long-term’ focus. There is no end date to the policy and will be updated as and when necessary, the ministry said.

Further, the new policy will move from incentives to a remission regime.

“The policy will be dynamic. There is no end date to ensure when we have feedback, we will keep changing this document and update it. If there is a sector which feels this FTP does not have anything for them, don’t feel disappointed,” Santosh Sarangi, Director General of Foreign Trade (DGFT) said.

A consultative mechanism to address the concerns of trade will be put in, he added.

The DGFT said that the overall exports, inclusive of merchandise and services, are likely to touch $770 billion in FY23, against $676 billion in FY22.

The policy seeks to encourage e-commerce exports which is expected to grow to $200-300 bn by 2023. An amnesty scheme for one-time settlement of default in export obligation has also been introduced.

Further, Faridabad, Moradabad, Mirzapur and Varanasi have been declared as towns of export excellence.

Courtesy: Economic Times