Foreign trade policy practical, country’s share in global trade will increase: Industry
Industry body CII director general Chandrajit Banerjee said the new FTP, along with several innovative measures, would help increase goods and services exports to $2,000 billion.
Industry and experts have said that India’s new foreign trade policy is pragmatic and positive and has set a platform for increasing the country’s share in global trade. Commerce and Industry Minister Piyush Goyal presented the Foreign Trade Policy (FTP) 2023 on Friday. It aims to increase the country’s exports to $2 trillion by 2030, make the Indian rupee a global currency, and promote e-commerce exports. Industry body CII Director General Chandrajit Banerjee said the new FTP, along with several innovative measures, would help increase goods and services exports to $2,000 billion.
This policy is in line with several policy announcements made in the recent past to boost exports. He said, at a time when the world is looking for stronger global value chains, FTP 2023 will create regulatory environment, promote globally competitive companies and make exports more inclusive. Assocham Secretary General Deepak Sood said that India’s new foreign trade policy will create a platform to increase India’s share in global trade.
He said, in a rapidly changing global market, the credit goes to the government for following a dynamic policy, which will give agility to both industry and policy makers. A new thinking is clearly visible in the foreign trade policy. PHD Chamber of Commerce and Industry President Saket Dalmiya said India’s share in world exports has great potential to increase from the current 1.8 per cent in merchandise exports and four per cent in services exports. He said the new FTP will remove uncertainties and create continuity and stability in India’s trade.
He said that many export schemes have now been made WTO compliant. According to Arun Kumar Garodia, Chairman, EEPC India, FTP is very practical and positive. This will give a big boost to exports of both goods and services. MSMEs will be helped to become a part of global value chain and Indian Rupee will also become global. Pawan Chowdhary, president of the Medical Technology Association of India, said the FTA would help make India a $5 trillion economy. He said that with the new policy it would be easy to do business.
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