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The Indian Commerce and Industry Minister, Piyush Goyal, recently shared his thoughts on India’s foreign trade policy for 2023. In his statement, he highlighted India’s progress in exports and trade under the leadership of Prime Minister Narendra Modi. He expressed confidence in India’s ability to achieve its future goals with the collective hard work of all stakeholders, given the fast pace at which the country is moving forward.
Highlights
- Piyush Goyal highlighted India’s growing exports and trade under the leadership of PM Narendra Modi.
- The fast pace at which India is moving ahead instills the belief that with hard work, future goals can be achieved.
- The Foreign Trade Policy 2023 aims to increase India’s share in global trade and create jobs for the youth.
- The policy will focus on promoting ease of doing business for exporters and reducing their costs.
- The government aims to increase the use of technology to promote trade and reduce dependence on physical documentation.
- The government will also work towards reducing trade barriers and promoting free trade agreements with other countries.
The Indian government recently unveiled its Foreign Trade Policy 2023, with Commerce and Industry Minister Piyush Goyal highlighting the country’s impressive growth in exports and trade under the leadership of Prime Minister Narendra Modi. Goyal emphasized the fast pace at which India is moving forward and expressed confidence in achieving future goals through hard work and collaboration.
The Foreign Trade Policy 2023 aims to bolster India’s exports and increase the country’s share in global trade. The policy also aims to streamline the regulatory framework for trade, encourage innovation and adoption of new technologies, and enhance the ease of doing business.
One of the key features of the policy is the creation of a new Export Promotion Council (EPC) for services. This council will focus on promoting India’s services exports, which include sectors such as IT, healthcare, education, and tourism. India has been known for its strong services sector, and this move is expected to provide a significant boost to the country’s services exports.
In addition, the policy aims to enhance India’s manufacturing capabilities and promote local production through initiatives such as the Production-Linked Incentive (PLI) scheme. The PLI scheme aims to incentivize domestic manufacturing in sectors such as electronics, textiles, and automobiles, among others. This is expected to reduce India’s dependence on imports and increase its exports of manufactured goods.
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