Foreign Trade Policy 2023 announced, export target of $2 trillion by 2030

Unveiling the Foreign Trade Policy 2023 on Friday, Union Commerce and Industry Minister Piyush Goyal expressed confidence of India touching USD 2 trillion of exports by 2030. He said that by 2030, we will export USD 2 trillion in services and goods. All embassies will help exporters in exports. The Directorate General of Foreign Trade said that total exports are estimated to cross US$ 760 billion in FY2023. The Ministry of Commerce and Industry said that the Foreign Trade Police is focused on internationalization of trade by 2023. On this occasion Piyush Goyal unveiled FTP 2023 which will come into effect from 1st April.

The Foreign Trade Policy 2015-20, which was due to expire in March 2020, was extended due to the COVID-19 pandemic and volatile geo-political scenario and was set to expire today. Under the new policy, international trade settlement is allowed in rupees and the changes introduced to set off export profit and export obligation for export receipts in Indian currency as per RBI norms. The government is working towards making the Indian rupee a global currency and allowing international trade settlement.

E-commerce exports, which are expected to grow to $200-300 billion by 2030. The value limit of exports through courier service is being increased from Rs 5 lakh to Rs 10 lakh per consignment. Additionally, the new policy aims to make the Indian rupee a global currency and allow international trade settlement in the domestic currency. India is ready to trade in rupees with countries facing currency crisis.