Commerce Ministry unveils Foreign Trade Policy 2023; exports to grow over 70% in 2022-23
The Hindu
Commerce Ministry unveils Foreign Trade Policy 2023; exports to grow over 70% in 2022-23
Union Commerce, Industry and Textiles Minister Piyush Goyal unveiled the Foreign Trade Policy 2023-28, in New Delhi, on March 31, 2023.
While speaking at the unveiling of the Foreign Trade Policy, Director General of Foreign Trade Santosh Kumar Sarangi said that “India’s exports were $435 billion in 2015-16 which have grown over 70% to nearly $760 billion in 2022-23.”
Mr. Sarangi said “The 2015-20 policy was extended due to the COVID-19 pandemic and the conflict in Europe last year. That policy which expires today had rationalised a lot of export promotion schemes.” He further added “This year, exports are expected to cross $760 to $770 billion.”
Mr. Sarangi said “Importer Exporter Codes, issued to individual traders, have been deduplicated after validation with other departments, bringing the total IECs in the country from 18 lakh to around 6 lakh.
“We have ensured there is no end-date to this policy to be able to update it as an when required. The approach of the new policy is to move from an incentive based regime to a remission of taxes regime,” he said.
The Director General of Foreign Trade further stated that “We are also looking at improving the ease of doing business to reduce transaction costs for exporters and there’s a renewed thrust for new growth areas.”
“Some of the schemes that have been successful like advance authorisation of imports and export promotion for capital goods, with process tweaks,” he said.