The Indian government’s unveiling of the much-anticipated Foreign Trade Policy (FTP) marks a significant milestone in the nation’s economic landscape.
This forward-looking policy, which came into effect on April 1st, ushers in a new era in international commerce.
Background
In a bold departure from conventional practices, the Indian government has broken away from the fixed five-year cycle for its policies.
Under the powers conferred by the Foreign Trade (Development & Regulation) Act, 1992, the Central Government recently notified the Foreign Trade Policy (FTP) 2023.
The FTP has a significant history, with the first five-year export-import (EXIM) policy introduced in 1992, followed by a second policy from 1997 to 2002.
These policies aimed to dismantle trade protectionist measures and facilitate India’s integration with the global economy. In 2004, the EXIM Policy was transformed into the FTP to adopt a more comprehensive approach to foreign trade.
Recent Achievements
The previous Foreign Trade Policy (2015-20) set ambitious targets for India’s exports, aiming to increase them from $465 billion in 2013–14 to $900 billion by 2019–20.
The nation has made commendable progress, with exports reaching USD 128.55 billion in the fiscal year 2022-23, compared to USD 119.5 billion in 2021-22.
Key Components of the Foreign Trade Policy 2023
The recently launched Foreign Trade Policy (FTP) 2023 encompasses key features aimed at promoting exports, facilitating ease of doing business for exporters, and strengthening the country’s “export control” regime.
Online Registration Portal
To streamline the registration process for exporters, the government plans to launch an online portal.
This platform will offer exporters a convenient six-month window to avail the scheme.
By digitising the registration process, the government aims to enhance transparency and simplify procedures, ensuring a smoother experience for exporters.
Districts as Export Hubs (DEH) Initiative
Recognizing the importance of grassroots trade ecosystems, the Foreign Trade Policy 2023 seeks to promote export activities at the district level.
As part of this initiative, four additional towns—Faridabad, Mirzapur, Moradabad, and Varanasi—have been designated as Towns of Export Excellence.These additions bring the total number of designated towns to 39
Empowering Indian Exporters
The Foreign Trade Policy 2023 emphasises empowering Indian exporters and creating a favourable environment for trade.
It focuses on addressing challenges faced by exporters and nurturing an ecosystem that supports their growth and competitiveness in the global market.
Opportunities for Global Collaboration
The forward-looking approach of the Foreign Trade Policy 2023 presents numerous opportunities for global collaboration.
The policy’s emphasis on ease of doing business and promoting exports creates a favourable environment for foreign companies to establish their presence in India and contribute to the nation’s economic growth.
Conclusion
As a competent SEO and senior copywriter, my goal is to provide you with high-quality and comprehensive content. This article has highlighted the Foreign Trade Policy 2023, which marks a significant milestone in India’s economic landscape.
The policy’s forward-looking approach, coupled with its focus on promoting exports and facilitating ease of doing business, empowers Indian exporters and strengthens the country’s position in the global trade arena.
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