Foreign Trade Policy 2023 Roadmap to India’s Global Leadership in Exports

Over the years, India’s Foreign Trade Policies have reflected the nation’s standing among the world economies. The initial policies, which came with sunset clauses, were focused more on transitioning the country from a developing economy to a developed economy and becoming self-reliant. However, with the shift in momentum in the recent past, the policies have become more export-centric while measures have been taken to curb imports only to need-based procurements.

We have also witnessed India’s tussle with the WTO on various incentive schemes and the need to develop promotional measures that are not directly linked to exports. Given this, the Government has been working on numerous measures against the backdrop of a new policy, and most of them have now been announced by way of Foreign Trade Policy 2023. The policy further highlights opportunities that India as a nation can offer to the World and draws a plan to turn its potential into kinetics. With a long-term vision and no sunset date, the new FTP is aimed to be dynamic thereby enabling the industry and trade to formulate long-term strategies and visions.

While some prominent schemes continue under the new policy, the government has aimed at introducing a few noteworthy measures which are discussed in the ensuing paras.