G20 podium
New Delhi: Union Minister of Commerce and Industry Piyush Goyal has unveiled Foreign Trade Policy 2023, which be implemented from April 1, and will be in force for the next five years.
The Union Minister said that this financial year there could be exports of more than 760 to 770 billion dollars. Exports of $ 25 billion took place in the last financial year i.e. 2022-23.The government aims to raise exports to more than two trillion dollars by the year 2030. Export Promotion Committee has been formed in every district with the aim of increasing exports.
The application fee for Small, Cottage and Medium Enterprises (MSME) has been reduced by 50-60%.The threshold for recognition of exports has been lowered. Most importantly, international trade will be promoted in the Indian rupee.
Four new cities have been added to the 39 Towns of Export Excellence (TEE) in the new Foreign Trade Policy. This includes Faridabad, Moradabad, Mirzapur and Varanasi.
Provision has also been made to provide incentive for competitive and quality export promotion. A separate Export Promotion Council will be constituted. Apart from this, SEZ will be upgraded and modified to become ‘Desh’ (DESH: Development of Enterprise and Services Hub). Export hub will be made in every district.
With the introduction of the new policy, there will be revolutionary changes in the development of MSMEs as well. The government is making trade agreements with many countries including FTA with Canada which is in the pipeline.
The Foreign Trade Policy 2023 will be updated from time to time as per the need. The dairy sector would be exempted from maintaining the average export obligation. Apart from this, the scheme of Special Advance Authorisation on textiles will be expanded. This policy will also prove effective to encourage e-commerce exports. The policy has introduced an amnesty scheme for one-time settlement of default in export obligation. The value limit for exports through courier services has been increased from Rs 5 lakh per consignment to Rs 10 lakh.
