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Homechevron_rightBusinesschevron_rightIndia's Foreign Trade...

India's Foreign Trade Policy 2023-28 prioritizes promotion of rupee trade on global stage

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Indias Foreign Trade Policy 2023-28 prioritizes promotion of rupee trade on global stage
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New Delhi: Union Commerce Minister Piyush Goyal on Friday revealed India's Foreign Trade Policy 2023-28, emphasizing the promotion of trade in rupees on the global stage.

The policy will become effective from April 1, 2023. Santosh Sarangi, the Director General of Foreign Trade, stated that India is estimated to exceed $760 billion in total exports for FY 2023, surpassing the $676 billion in 2021-22.

According to the DGFT, the FTP 2023 will promote e-commerce exports, which are expected to reach $200-300 billion by 2023. The new foreign trade policy includes an amnesty scheme for settling defaults in export obligations.

The dairy sector will no longer be required to maintain an average export obligation, while the apparel and clothing industries will benefit from a special advance authorization scheme. Additionally, Faridabad, Moradabad, Mirzapur, and Varanasi have been identified as new Towns of Export Excellence (TEE), in addition to the existing 39 TEEs.

Under the new policy, the value limit for exports through courier services has been raised to Rs 10 lakh from Rs 5 lakh per consignment. DGFT Sarangi emphasized that this policy is dynamic and will be regularly updated to stay responsive to emerging trade scenarios. The department of commerce is being restructured to become "future-ready," and the goal of reaching $2 trillion in exports by 2030 remains a top priority.

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TAGS:India's Foreign Trade Policy 2023-28India to focus on promotion of rupee trade on global stage
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