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Foreign Trade Policy 2023
- Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal on March 31, 2023 launched the Foreign Trade Policy 2023.
- The policy came into effect from April 1, 2023.
- FTP seeks to take India’s export to 2 trillion USD by 2030.
- The FTP 2023 encourages recognition of new towns through “Towns of Export Excellence Scheme” and exporters through “Status Holder Scheme”.
- The previous foreign trade policy for 2015-2020 had targeted exports of USD 900 billion by 2020;
- This target was extended along with the policy for three years till March 2023.
- Towns of Export Excellence (TEE): Four new towns, namely Faridabad, Mirzapur, Moradabad and Varanasi, have been designated as TEE in addition to the existing 39 towns.
- The Key Approach to the policy is based on these 4 pillars:
- Incentive to Remission,
- Export promotion through collaboration Exporters, States, Districts, Indian Missions,
- Ease of doing business, reduction in transaction cost and e-initiatives
- Emerging Areas – E-Commerce Developing Districts as Export Hubs and streamlining SCOMET policy.