FTP pragmatic, to up India’s share in global trade, says industry

PTI

New Delhi, March 31

India’s new foreign trade policy (FTP) is pragmatic and positive, and has set a stage for exporters to increase the country’s share in global trade, industry bodies and experts said.

Commerce and Industry Minister Piyush Goyal unveiled a ‘dynamic and responsive’ Foreign Trade Policy 2023 on Friday with the objective of raising the country’s outward shipments to $2 trillion by 2030, pushing the rupee trade and incentivising e-commerce exports.

Make exports inclusive

It will facilitate the regulatory environment, foster globally competitive firms and make exports more inclusive. —Chandrajit Banerjee, Director general, CII

Will boost exports

Will increase India’s share in global trade as the 2030 target of $2 trillion by 2030 is a confidence-building step. —Deepak Sood, Secretary general, Assocham

Director General of industry chamber CII Chandrajit Banerjee said with many innovative measures, the new FTP will go a long way to help India achieve $2 trillion in exports of goods and services and is in line with the many policy announcements to promote exports in the recent past.

“At a time when the world is looking for resilient global value chains, FTP 2023 will facilitate the regulatory environment, foster globally competitive firms and make exports more inclusive,” he said.

Assocham secretary general Deepak Sood said India’s new foreign trade policy will set a stage for exporters to immensely increase India’s share in global trade as the 2030 target of $2 trillion for exports of goods and services is a confidence-building measure of the dynamic FTP.

“In a fast-changing global market, it goes to the credit of the government to follow a dynamic policy that would allow both the industry and the policy makers to stay nimble. A new thinking is clearly visible in the foreign trade policy that shifts focus from incentives to remissions so that we don’t end up exporting taxes and levies,” he added.

Saket Dalmia, president, PHD Chamber of Commerce & Industry, said there is an immense potential to increase India’s share in world exports from the current level of 1.8% in merchandise exports and 4% in service exports.

The new FTP will remove uncertainties and create continuity and stability in India’s trade, he said adding there has been rationalisation of many export schemes which have now been made WTO-compliant.

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