New Foreign Trade Policy is a key enabler to achieve $2 trillion exports: CII
Welcoming the announcement of the new Foreign Trade Policy 2023, Mr Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII) stated, "With many innovative measures, the new Foreign Trade Policy will go a long way to help India achieve $ 2 trillion in exports of goods and services and is in line with the many policy announcements to promote exports in the recent past. At a time when the world is looking for resilient global value chains, FTP 2023 will facilitate the regulatory environment, foster globally competitive firms and make exports more inclusive.”
According to CII, the new Policy launched by Commerce and Industries Minister Piyush Goyal today would help accelerate the present growth momentum in India’s exports. The policy is progressive and futuristic, with particular focus on e-initiatives to reduce transaction costs, merchanting trade reform, e-commerce for boosting exports, capacity building of MSMEs, streamlining SCOMET licensing procedures and creating trade resilience.
The new Foreign Trade Policy has a special focus on developing ‘Districts as Export Hub’ which would work toward a more inclusive export growth process. Currently, a few states account for the major proportion of exports and encouraging exports from districts would encourage rural entrepreneurship and help spread export benefits to the grassroots across the country. To achieve Hon’ble Prime Minister’s vision of “Local Goes Global”, the initiative for capacity building of small exporters would help them to move up in the value chain.
Extension of all benefits under the new Policy to the e-Commerce exports is a welcome step and would greatly help in the overall export endeavour of the country.
The flexibilities introduced in existing popular schemes such as the Advance Authorisation scheme and the Export Promotion Capital Goods scheme in terms of reduction of user charges for MSMEs and introduction of special onetime amnesty scheme for default in export obligations, would make it easier for the exporters to benefit from it.
“It is heartening to note that the Indian goods and services exports are set to notably achieve peak levels in 2022-23 at US$ 760 billion with commendable Government initiatives and policies. The Government has placed high priority on boosting exports as a growth driver and job creator. Amid global headwinds of trade uncertainty, slowdown in advanced economies and inflation, the new robust and pragmatic Foreign Trade Policy will encourage exporters and will help to address global markets at a time when supply chain resilience is being prioritized by importing nations,” said Mr Banerjee.
31 March 2023
New Delhi