Target to achieve over Rs 164 Lakh Crore (2 Trillion dollars) in exports by 2023
Announcement of New Foreign Trade Policy for 2023
New Delhi – Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal today launched the Foreign Trade Policy 2023 saying that it is dynamic and has been kept open ended to accommodate the emerging needs of the time. He stated that the policy had been under discussion for a long time and has been formulated after multiple stakeholder consultations. India’s overall exports, including services and merchandise exports is expected to cross Rs 62 lakh crore (US$ 760 Billion) this year, he said.
Commerce and Industry Minister Piyush Goyal unveils Foreign Trade Policy 2023
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Sectors that will benefit from the new FTP
- PM Mega Integrated Textile Region and Apparel Parks additional scheme to claim benefits under CSP.
- The dairy sector gets benefits and will be exempted from maintaining the average export obligation.
- Battery electric vehicles, vertical farming equipment are added to the green technology product.
- Wastewater treatment and recycling, rainwater harvesting system added to green technology products.
- Rainwater filters and green hydrogen added to green technology products.
- Green technology products eligible for reduced export obligation requirement under the EPCG scheme.