Tag: Foreign Trade Policy 2023(FTP 2023)

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