1. Home
  2. Infrastructure Urban
  3. ECONOMY & POLICY
  4. India's new Foreign Trade Policy aims for $2 trillion in exports by 2030
India's new Foreign Trade Policy aims for $2 trillion in exports by 2030
ECONOMY & POLICY

India's new Foreign Trade Policy aims for $2 trillion in exports by 2030

16 May 2023 2 Min Read CW Team
The newly launched Foreign Trade Policy (FTP) by the Directorate General of Foreign Trade is the most significant one yet. It sets an ambitious target of reaching $2 trillion in exports by 2030. MSMEs will be at the forefront of this and consequently are the largest beneficiaries of this new FTP.

The government has reduced license fees and simplified export procedures to reduce compliance costs for exporters. It has also provided MSMEs with access to the Export Credit Guarantee Corporation (ECGC) scheme for small exporters. The policy also includes a separate chapter on promoting cross-border trade in the digital economy through e-commerce exports.

The government will provide support for MSMEs to set up their e-commerce platforms and enhance their digital capabilities. It will also set up dedicated e-commerce hubs to simplify storage, customs clearance, returns processing, labelling, testing, and repackaging.

The proposal to operationalise post offices throughout the country to facilitate ecommerce exports fulfilment will aid MSMEs in simplifying logistics. The government will set up technology centers and incubators to help MSMEs upgrade their skills and adopt modern technologies. The policy also aims to promote research and development in MSMEs by providing them with funding and support.

While the FTP 2023 is a visionary policy, a concrete roadmap is required to achieve its objectives. Proper implementation and enablement can help MSMEs play a significant role in driving India’s exports and economic growth in the years to come.

In conclusion, the FTP 2023 is a step in the right direction for empowering MSMEs, particularly those engaged in e-commerce exports. The policy will provide them with the necessary support and incentives to compete effectively in the global market.

Also Read
MahaRERA yet to address nearly 7,000 pending homebuyer cases
Foxconn breaks ground on $500 million factory in India

The newly launched Foreign Trade Policy (FTP) by the Directorate General of Foreign Trade is the most significant one yet. It sets an ambitious target of reaching $2 trillion in exports by 2030. MSMEs will be at the forefront of this and consequently are the largest beneficiaries of this new FTP. The government has reduced license fees and simplified export procedures to reduce compliance costs for exporters. It has also provided MSMEs with access to the Export Credit Guarantee Corporation (ECGC) scheme for small exporters. The policy also includes a separate chapter on promoting cross-border trade in the digital economy through e-commerce exports. The government will provide support for MSMEs to set up their e-commerce platforms and enhance their digital capabilities. It will also set up dedicated e-commerce hubs to simplify storage, customs clearance, returns processing, labelling, testing, and repackaging. The proposal to operationalise post offices throughout the country to facilitate ecommerce exports fulfilment will aid MSMEs in simplifying logistics. The government will set up technology centers and incubators to help MSMEs upgrade their skills and adopt modern technologies. The policy also aims to promote research and development in MSMEs by providing them with funding and support. While the FTP 2023 is a visionary policy, a concrete roadmap is required to achieve its objectives. Proper implementation and enablement can help MSMEs play a significant role in driving India’s exports and economic growth in the years to come. In conclusion, the FTP 2023 is a step in the right direction for empowering MSMEs, particularly those engaged in e-commerce exports. The policy will provide them with the necessary support and incentives to compete effectively in the global market. Also Read MahaRERA yet to address nearly 7,000 pending homebuyer cases Foxconn breaks ground on $500 million factory in India

Next Story
Infrastructure Transport
05 Nov 2024

Unified railway app for tickets and tracking launching in December

The Indian Railways is expected to launch a super app consolidating passenger services by the end of December, according to officials familiar with the project. The app, which is being developed by the Centre for Railway Information Systems (CRIS), will integrate with the Indian Railway Catering and Tourism Corporation (IRCTC), these officials stated. IRCTC would continue to serve as the interface between CRIS and passengers purchasing train tickets, and that integration between the super app and IRCTC is currently underway. The app will provide a wide range of services, including booking p..

Read More
Next Story
Infrastructure Urban
05 Nov 2024

TN drives distributed growth vision with multiple new projects

Tamil Nadu is advancing on its plan to achieve comprehensive growth, launching numerous projects across business sectors with a focus on tier-2 and tier-3 cities. Soon after taking office in May 2021, Chief Minister M.K. Stalin emphasised his government’s commitment to developing both metro and smaller cities to drive industrial growth across the state. The industries department highlighted its focus on creating high-quality, well-paying jobs across Tamil Nadu by establishing various manufacturing facilities, including automobile plants, mini TIDEL Parks, and State Industries Promotion Corp..

Read More
Next Story
Infrastructure Energy
05 Nov 2024

India's power consumption slightly up to 140.4 billion units in October

India's power consumption experienced a slight increase of about one per cent, reaching 140.47 billion units (BU) in October, compared to the same period last year. This growth was primarily attributed to a high base effect. In October of the previous year, power consumption had surged by over 22 per cent to 139.44 BU from 113.94 BU in October 2022. The maximum daily supply, or peak power demand met, decreased to 219.22 GW in October 2024 from 221.53 GW in October 2023. May 2024 saw peak power demand reach an all-time high of nearly 250 GW, surpassing the previous record of 243.27 GW set in S..

Read More

Opinion Poll

Question : Which technological advancement do you believe will most transform the real estate industry in the coming years?

Latest updates

Unified railway app for tickets and tracking launching in December
RAILWAYS & METRO RAIL
05 Nov 2024

Unified railway app for tickets and tracking launching in December

TN drives distributed growth vision with multiple new projects
ECONOMY & POLICY
05 Nov 2024

TN drives distributed growth vision with multiple new projects

India's power consumption slightly up to 140.4 billion units in October
POWER & RENEWABLE ENERGY
05 Nov 2024

India's power consumption slightly up to 140.4 billion units in October

Bangladesh Speeds Up Payment to Adani Power Following Supply Disruption
POWER & RENEWABLE ENERGY
05 Nov 2024

Bangladesh Speeds Up Payment to Adani Power Following Supply Disruption

Paradip Port set for full mechanisation by 2030
PORTS & SHIPPING
05 Nov 2024

Paradip Port set for full mechanisation by 2030

Welspun Corp secures Rs 13 billion pipe supply contract in the US
ECONOMY & POLICY
05 Nov 2024

Welspun Corp secures Rs 13 billion pipe supply contract in the US

Iron Ore Production Rises 5.5% to 135 MT in H1 FY25
COAL & MINING
05 Nov 2024

Iron Ore Production Rises 5.5% to 135 MT in H1 FY25

Shree Cement and DPIIT Sign MoU to Boost Manufacturing Start-Ups
Cement
05 Nov 2024

Shree Cement and DPIIT Sign MoU to Boost Manufacturing Start-Ups

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000