Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles launched the Foreign Trade Policy 2023

Current Affairs

  • The Union Minister of Commerce and Industry Shri Piyush Goyal has launched the Foreign Trade Policy 2023 on 31 March 2023.
  • He said India’s total exports including services and merchandise exports have already crossed US$ 750 billion and are expected to cross US$ 760 billion this year.
  • The Minister referred to the interaction that Prime Minister, Shri Narendra Modi with the exporters on 06th August, 2021 and encouraged them to increase exports and get more deeply involved in the global value chain.
  • He lauded the vision and guidance of the Prime Minister who believed that given the size of the Indian economy and manufacturing & service sector base, the potential for the country to grow is manifold. He said that this vision is at the core of the policy.

The main approach of this policy is based on these 4 pillars:-

  • Incentive to Remission,
  • Export promotion through collaboration,
  • Ease of doing business and
  • Emerging Areas- E-Commerce Developing Districts as Export Hubs and streamlining SCOMET policy.

Foreign Trade Policy (2023):-

  • Foreign Trade Policy (2023) is a policy document which is based on continuity of time-tested schemes facilitating exports as well as a document which is nimble and responsive to the requirements of trade.
  • It is based on principles of ‘trust’ and ‘partnership’ with exporters. In the FTP 2015-20, changes were done subsequent to the initial release even without announcement of a new FTP responding dynamically to the emerging situations.
  • Hereafter, the revisions of the FTP shall be done as and when required.Incorporating feedback from Trade and Industry would also be continuous to streamline processes and update FTP, from time to time.
  • The FTP 2023 aims at process re-engineering and automation to facilitate ease of doing business for exporters.
  • It also focuses on emerging areas like dual use high end technology items under SCOMET, facilitating e-commerce export, collaborating with States and Districts for export promotion.

Key Points:-

  • Process Re-Engineering and Automation
  • Towns of Export Excellence
  • Recognition of Exporters
  • Promoting export from the districts
  • Streamlining SCOMET Policy
  • Facilitating E-Commerce Exports

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