6th April 2023, Mumbai: Foreign trade is an essential component of any economy, and it plays a significant role in promoting growth, creating job opportunities, and enhancing the country’s global competitiveness. With the unveiling of the Foreign Trade Policy 2023, India is set to take a significant step towards becoming a major player in the global economy.
The new policy has been described as “progressive, growth-oriented, and in the right direction” by Shri Sunil Patwari, Chairman of the Texprocil, and it has been designed to address the current challenges faced by the Indian exporters and to promote their interests in the global market. The policy focuses on several critical areas, including increasing exports, promoting digital trade, enhancing trade facilitation, and expanding India’s presence in global value chains.
One of the most important features of the new policy is its focus on increasing exports. The government has set an ambitious target of achieving $1 trillion in merchandise exports by 2030, and the new policy aims to support this goal by providing exporters with various incentives and support measures. These include increasing the availability of export credit, streamlining customs procedures, and providing support for market access.
The policy also promotes digital trade by establishing a comprehensive digital ecosystem that will enable exporters to leverage technology to enhance their competitiveness. This includes the creation of a single window for all trade-related services, the development of digital platforms for trade documentation and payments, and the use of emerging technologies such as blockchain and artificial intelligence.
In addition, the policy aims to enhance trade facilitation by simplifying customs procedures and reducing the time and cost of doing business. This includes the implementation of the Trade Facilitation Agreement, the creation of a national single window for trade, and the establishment of trade facilitation centers at major ports and airports.
Finally, the policy recognizes the importance of India’s integration into global value chains and aims to promote this by enhancing the competitiveness of domestic industries and encouraging the formation of partnerships between Indian and foreign firms. This includes the establishment of sector-specific task forces to identify and address industry-specific challenges and the creation of industrial clusters to promote the development of small and medium-sized enterprises.
Overall, the Foreign Trade Policy 2023 represents a significant step towards enhancing India’s competitiveness in the global market. By promoting exports, supporting digital trade, enhancing trade facilitation, and expanding India’s presence in global value chains, the policy aims to create a conducive environment for Indian businesses to grow and succeed in the global market. With the implementation of this policy, India is well-positioned to become a major player in the global economy in the coming years.