Foreign Trade Policy 2023(FTP 2023)
It is based on principles of ‘trust’ and ‘partnership’ with exporters.
Objectives:
- Raising the country’s outward shipments to $2 trillion by 2030,
- Making Indian Rupee a global currency and
- Incentivising e-commerce exports.
The approach:
- To move from ‘incentive to remission’ based regime.
- Encourage collaboration between exporters, states, districts and Indian Missions
- Reduce transaction cost and
- Develop more export hubs.
- While the policy will be open-ended, the schemes sanctioned under it will be time bound.
- It replaced the extant policy that had been in place since 2015.
- Opening up a new area of potential exports, the policy has included “merchanting trade” within its ambit.
- Exporters in India can source goods from another country and send them to a third country without touching Indian shores.
- This will also enable exports of restricted goods
