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Globalization of Rupee : Union Commerce Minister Piyush Goyal unveils Foreign Trade Policy 2023; New policy to encourage trade in Rupee

Source : Business Today

Globalization of Rupee : Union Commerce Minister Piyush Goyal unveils Foreign Trade Policy 2023; New policy to encourage trade in Rupee
Piyush Goyal unveiled FTP 2023 which will come into effect from April 1, 2023

Globalization of Rupee : Union Commerce Minister Piyush Goyal unveils Foreign Trade Policy 2023; New policy to encourage trade in Rupee

Commerce minister Piyush Goyal today announced the new Foreign Trade Policy 2023, which is expected to boost exports amid slowing global trade. The new foreign trade policy has highlighted the vision to take India’s goods and services exports to $2 trillion by 2030. The new FTP comes into effect from April 1, 2023.

Goyal on Friday said the new policy will focus on the internationalization of trade in rupees.

Directorate General of Foreign Trade Santosh Sarangi said that India’s total exports in FY 2023 is projected to cross $760 billion as against $676 billion in 2021-22.

On Friday, the Directorate General of Foreign Trade said India will likely cross $765 billion in exports in fiscal 2022-23.

The new foreign trade policy, the ministry said, will mark a move from incentives to remission. It will focus on export promotion through collaboration with exporters, states, districts, and Indian Missions. It will promote ease of doing business and focus on emerging areas like e-commerce and export hubs.

“The policy will be dynamic. There is no end date to ensure when we have feedback, we will keep changing this document and update it. If there is a sector that feels this FTP does not have anything for them, don’t feel disappointed,” the DGFT said.

The DGFT added that though the new policy was expected to be in place until 2028, there will be no end date to the new foreign trade policy, it will be updated as and when required.

Goyal said the government will engage in massive trade outreach globally in terms of sectors and nations in the coming months to push exports.

He added that External Affairs Ministry has assured full support to promote trade, technology and tourism in India through foreign missions.

Here are the top highlights of the policy: 

1) The government reiterated sector-specific targets to achieve the goal of $1 trillion merchandise exports and $1 trillion services exports by 2030.

2) Under the new policy, Faridabad, Moradabad, Mirzapur and Varanasi have been declared as towns of export excellence for apparels, handicrafts, handmade carpet and dari, and handloom and handicraft categories, respectively. These are in addition to the existing 39 towns under the category.

3) Changes for trade settlement in Rupee introduced in FTP for grant of export benefits, DGFT said. Provisions for merchanting trade to be introduced under FTP.

4)  The DGFT said that the FTP 2023 will encourage e-commerce export, which is expected to grow to $200-300 billion by 2023.

5)  Foreign Trade Policy 2023-28 has introduced an amnesty scheme for one-time settlement of default in export obligation, Sarangi said.

6) Under the new policy, the dairy sector has been exempted from maintaining average export obligation.

7) A special advance authorisation scheme has been extended to apparel, and clothing.

8) Under the new policy, the value limit for exports through courier services increased to Rs 10 lakh from Rs 5 lakh per consignment.

9) The ministry also rationalised the export performance threshold for recognition of exporters through status holders. This will enable more beneficiaries to achieve higher recognition and reduce transaction costs for exports.

10) FTP 2023 will encourage e-commerce exports, which is expected to grow to $200-300 billion by 2023.

11)  Under the new FTP 2023, designated zone with warehousing facility will be created. These will be designed to help e-commerce aggregators for easy stocking, customs clearance and returns processing. Processing facility to be allowed for last mile activities such as labelling, testing, repackaging etc.

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