India's Foreign Trade Policy 2023 Aims for $2 Trillion Exports by 2030

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The Foreign Trade Policy (FTP) 2023 has been introduced by the Indian government to increase the country's exports to $2 trillion by 2030.

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The new policy replaces the traditional five-year policy and will be updated as needed, with no fixed end date.

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The policy includes a shift from incentives to remission and an entitlement-based regime to promote exports.

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The Director General of Foreign Trade (DGFT) stated that India is likely to end the current fiscal year with total exports of $760-770 billion.

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The FTP 2023 identifies four new Towns of Export Excellence (TEE), in addition to the existing 39 TEEs.

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The policy extends benefits to e-commerce exports, which are expected to reach $200-300 billion by 2030.

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The FTP 2023 also seeks to make the Indian rupee a global currency and allow international trade settlement in the domestic currency. The department of commerce is being restructured to make it "future-ready."

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Check out PM Modi's visit to Bhopal

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