The country’s exports will get a boost
According to Director General of Foreign Trade (DGFT) Santosh Sarangi, the foreign trade policy is made for five years. But there is no end date for this latest policy. It will be updated as per the need. Commerce and Industry Minister Piyush Goyal said that the new foreign trade policy will come into effect from April 1, 2023. According to Santosh Sarangi, by the end of the current financial year, India’s total exports could be up to $ 760-770 billion, which was $ 676 billion in 2021-22.
4 new cities have been included
The previous policy came into effect from April 1, 2015, for a period of five years, but was extended several times due to the spread of the coronavirus pandemic. It was last extended in September 2022 till March 31, 2023. Four new cities have been included in this new foreign policy. These cities are Faridabad, Moradabad, Mirzapur and Varanasi.
Exports will gain momentum
FTP 2023 will also give a boost to e-commerce exports. It is estimated to reach 200-300 billion dollars by the year 2030. In addition, the value limit for exports through courier services is being raised from Rs 5 lakh per consignment to Rs 10 lakh. The policy also aims to make the Indian rupee a global currency.
Source: navbharattimes.indiatimes.com
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