FTP 2023 seeks ambitious exports target to two trillion by 2030

The Government of India announced its Foreign Trade Policy 2023 (FTP 23) on March 31,2023

- Kishore Kumar Biswas

Piyush Goyal, the Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, launched the policy. It is an open-ended policy and will not end on a targeted date. But that will accommodate the emerging needs in the course of time. The Policy had been based on four pillars. One has been the incentive to remission, two, export promotion through collaboration, three, ease of doing business and the fourth exploring is emerging areas.

Some of the highlights of the FTP 23

First, it has emphasised on the continuation of input duty remissions schemes such as, the RODTEP (Remission of Duties and Taxes on Exported Products) and RoSCTL (Scheme for Rebate of State and Central Taxes and Levies on Export of Garments and Made-ups) and timely payments by the governments.

Exporters had been demanding it for a long period. This policy will help exporters and incentivise them.

Secondly, measures are there to help MSMEs. Through reduction in transaction cost and e-initiatives, there are some measures to help the sector.

All the measures will help to lower cost and production time of the sector and increase competitiveness.