Piyush Goyal unveils Foreign Trade Policy 2023
New Delhi, March 31: Union Minister for Commerce and Industry Piyush Goyal unveiled Foreign Trade Policy 2023 on Friday which will come into effect from April 1.
While unveiling the Trade Policy he expressed confidence in India touching exports worth USD 2 trillion by 2030 and said, "By 2030, we will export USD 2 trillion in services and merchandise. All embassies will help exporters in exports."
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The Ministry of Commerce and Industry said Foreign Trade Police 2023 focuses on the internationalisation of trade in rupees.
Notably, the Foreign Trade Policy 2015-20, which was to end in March 2020 was extended due to the Covid-19 pandemic and volatile geo-political scenario and was set to end today.
As per the norms of RBI, International trade settlement in rupee is allowed under the new policy and changes introduced for the grant of export benefits and fulfilment of export obligation for export realizations in Indian currency.
The government has been working towards making the Indian rupee a global currency and allowing international trade settlement.
The Foreign Trade Policy 2023 being is aimed to provide policy continuity and a responsive framework.
Under the new policy, provisions for merchanting trade are also proposed. A merchanting transaction is one which involves the shipment of goods from one foreign country to another foreign country involving an Indian Intermediary.
India's total exports already crossed USD 750 billion and is projected to touch USD 760 billion by today, and will be the highest by the country ever. This will be an increase of over 13 per cent on a yearly basis.
"India's projected growth (in 2023) is more than double the projected growth for the world. The WTO's global trade forecast predicts growth in world trade to slow down to 1 percent in 2023, due to global uncertainties. Export scenario will remain challenging," the government said in its presentation.
In the past six-to-seven years, India's exports have risen by about 75 per cent, as compared to 28 per cent at the global level, data showed.
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The government estimates suggest that e-commerce exports are expected to grow to USD 200-300 billion by 2030.
- ANI
