“India’s Foreign Trade Policy 2023: Key Pillars and Measures to Boost Exports”

“India’s Foreign Trade Policy 2023: Key Pillars and Measures to Boost Exports”

India’s Foreign Trade Policy 2023 was recently announced by the Government of India with the aim to promote India’s overall exports. The policy is dynamic and open to consultative feedback with a target of achieving US$2 trillion exports by 2030. The key approach to the policy is based on four pillars – Incentive to Remission, Export promotion through collaboration, Ease of doing business, and New export hubs have been announced as well as measures targeting the e-commerce, dairy, and apparel and clothing sectors.

Incentive to Remission: The FTP 2023 provides incentives for remission of duties or taxes paid on inputs used in export products. This will help exporters reduce their costs and become more competitive in international markets. The policy recognizes that exporters often face a disadvantage when it comes to the cost of inputs, which is why it aims to address this issue by providing incentives to remit duties or taxes paid on inputs. This will help reduce the cost of inputs for exporters and make them more competitive in international markets.

Export Promotion through Collaboration: The FTP 2023 aims to promote exports through collaboration between exporters, states, districts, Indian missions abroad and other stakeholders. This will help identify new markets for Indian products and increase exports. The policy recognizes the importance of collaboration in promoting exports and therefore seeks to foster closer cooperation between various stakeholders. By working together, stakeholders can identify new markets for Indian products and increase exports.

Ease of Doing Business: The FTP 2023 aims to reduce transaction costs for exporters by simplifying procedures and processes related to exports. This will help exporters save time and money while exporting their products. The policy recognizes that the process of exporting can be complex and time-consuming, which is why it seeks to simplify procedures and processes related to exports. This will help exporters save time and money while exporting their products, making it easier for them to do business.

New Export Hubs: The FTP 2023 has announced new export hubs that will focus on specific sectors such as e-commerce, dairy, apparel and clothing. These hubs will provide infrastructure facilities such as warehouses, cold storage facilities etc., which will help exporters reduce their costs. The policy recognizes the importance of infrastructure in promoting exports and therefore seeks to provide the necessary infrastructure facilities for exporters. By providing infrastructure facilities such as warehouses and cold storage facilities, the policy aims to help exporters reduce their costs and become more competitive in international markets.

Measures Targeting E-commerce Sector: The FTP 2023 has announced measures targeting the e-commerce sector such as simplification of procedures for registration of e-commerce platforms and reduction in compliance burden for e-commerce platforms. The policy recognizes the importance of e-commerce in promoting exports and therefore seeks to simplify procedures and reduce the compliance burden for e-commerce platforms. This will help e-commerce platforms to grow and become more competitive in international markets, which will in turn help boost India’s overall exports.

Measures Targeting Dairy Sector: The FTP 2023 has announced measures targeting the dairy sector such as provision of subsidies for setting up modern dairy farms and processing units. The policy recognizes the importance of the dairy sector in promoting exports and therefore seeks to provide the necessary support for the sector. By providing subsidies for setting up modern dairy farms and processing units, the policy aims to help the sector become more competitive in international markets.

Measures Targeting Apparel and Clothing Sector: The FTP 2023 has announced measures targeting the apparel and clothing sector such as provision of subsidies for setting up textile parks and modernization of textile machinery. The policy recognizes the importance of the apparel and clothing sector in promoting exports and therefore seeks to provide the necessary support for the sector. By providing subsidies for setting up textile parks and modernizing textile machinery, the policy aims to help the sector become more competitive in international markets.