The Center released the Foreign Trade Policy (FTP) 2023 in an effort to increase the nation’s exports in the face of sluggish global trade. By switching from an incentive-based system to one that is remission and entitlement-based, the Centre has detailed its ambition to increase India’s exports of goods and services to $2 trillion by 2030.
The World Trade Organization forecasts a 1% decline in global commerce in 2023. According to the ministry, India’s nominal gross domestic product (GDP) will be close to $3.5 trillion by March 2023.
The previous five-year plan became effective on April 1, 2015. However, it was repeatedly prolonged as a result of the global economic problems brought on by the coronavirus outbreak. Four new Towns of Export Excellence (TEE) are identified by the new FTP: Faridabad, Moradabad, Mirzapur, and Varanasi. This is in addition to the 39 TEEs that are already in place.
The benefits of the FTP have been expanded to include exports from e-commerce, which are anticipated to reach $200–300 billion by 2030.
The new FTP aims to internationalize the Indian rupee and enable settlement of commerce in the national currency.