The government is expected to release the new Foreign Trade Policy (FTP) by the end of this financial year, which will have a five-year roadmap to enhance the country’s trade, informed Commerce Secretary Sunil Barthwal.
After setting an ambitious target of becoming a $ 5 trillion economy by 2025, the central government is planning to set another target i.e., to increase India’s exports to $2 trillion by 2030.
The new exports targets are expected to be revealed in the FTP later this month.
The current FTP (2015-20) will expire on March 31, 2023. FTP provides guidelines for enhancing exports, driving economic growth and creation of jobs.
According to the sources, the $2 trillion exports will have equal share of goods and services. The focus of the new policy is expected to be on trade promotion through Free Trade Agreements (FTAs), import substitution, import diversification, marketing via Indian missions, nudging every sector through respective ministries and involving states in promotion of exports.
“The $2 trillion target by 2030 is achievable. Of course, there are global headwinds and situation is not very conducive, but India has certain advantages that it can leverage to its advantage,” said Ajay Sahai, director general and chief executive of the Federation of Indian Export Organisations (FIEO).
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