Foreign Trade Policy to take India's exports to two trillion dollars by 2030, says Union Minister Piyush Goyal

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Commerce and Industry Minister Piyush Goyal today launched the Foreign Trade Policy 2023 in New Delhi. In his address, Mr. Goyal said, the policy is dynamic and has been kept open-ended to accommodate the emerging needs of the time. He said, the policy has been formulated after multiple stakeholder consultations. The Minister said, India's overall exports including services and merchandise exports have already crossed 750 Billion dollars and it is expected to cross 760 Billion dollars this year. He said, FTP seeks to take India's exports to two trillion dollars by 2030.

The Minister referred to the interaction of the Prime Minister with the exporters where Mr Modi encouraged them to increase exports and get more deeply involved in the global value chain. He lauded the vision and guidance of the Prime Minister who believed that given the size of the Indian economy and manufacturing and service sector base, the country had manifold potential to grow. Mr Goyal said, this vision is at the core of the policy. He said, India will undertake a massive trade outreach globally in the next four months to boost exports.

The Key Approach to the Foreign Trade policy is based on 4 pillars, Incentive to Remission, Export promotion through collaboration, Ease of doing business and Emerging Areas.

The release function of the policy was also attended by Union Minister of State for Commerce and Industry Anupriya Patel, Commerce Secretary Sunil Barthwal and Member Customs, Central Board of Indirect Taxes and Customs Rajiv Talwar. Director General of Foreign Trade, Santosh Kumar Sarangi gave a detailed presentation on the policy.