Commerce Minister Piyush Goyal on Friday unveiled Foreign Trade Policy (FTP) 2023. The policy, which aims to boost the country's exports to $2 trillion by 2030, will shift from incentives to remission and entitlement-based regime.
However, The FTP this time has done away with 5 year period clause. The latest policy has no end date and will be updated as and when needed, said Director General of Foreign Trade (DGFT) Santosh Sarangi while briefing media about FTP 2023.
"We have broken uncertainty. Have presumed the sun never sets on our exports sector. The policy will be updated as and when required instead of waiting for 5 year period," Sunil Barathwal, Secretary, the Department of Commerce added.
The DGFT also said India is likely to end this fiscal year with total exports of USD 760-770 billion as against USD 676 billion in 2021-22.
The new FTP identifies four new Towns of Export Excellence (TEE) -- Faridabad, Moradabad, Mirzapur and Varanasi -- in addition to the already existing 39 TEEs.
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