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MoC&I Released FTP 2023: India aims for increase exports to USD 2 trillion by 2030

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India unveils Foreign Trade Policy 2023, eyes $2 trillion exports by 2030On 31st March 2023, The Ministry of Commerce and Industry(MoC&I), Government of India(GoI), released the Foreign Trade Policy (FTP) 2023  which aims to increase India’s exports to USD 2 trillion by 2030 by shifting from incentives to remission and entitlement based regime.

  • Union Minister Piyush Goyal, (MoC&I) released the FTP 2023 during an event held in New Delhi, Delhi.
  • The FTP 2023 is set to become effective from 1st April 2023. 
  • India is set to end the FY 2023 with a total export of USD 760-770 billion compared to the USD 676 billion in 2021-2022.

Key People:

Anupriya Patel, Ministers of State(MoS), MOC&I, Commerce Secretary Sunil Barthwal and Santosh Sarangi, Director General of Foreign Trade (DGFT) were present during the release of FTP 2023.

Abut FTP 2023:

Unlike the usual 5 year-FTP, the FTP 2023 does not have an end date and it will be updated as and when needed.

  • The previous FTP came into force on 1st April 2015 and was later extended in the wake of COVID-19 pandemic and the subsequent disruption in economic activities.
  • The last extension was given in September 2022 till 31st March 2023.


i.The FTP 2023 has identified 4 new Towns of Export Excellence (TEE) – Faridabad, Moradabad, Mirzapur, and Varanasi – in addition to the existing 39 TEEs.

ii.The benefits of FTP has been extended to  e-commerce exports, which are expected to grow to USD 200-300 billion by 2030.

iii.The value limit for exports through courier service is being increased from Rs 5 lakh to Rs 10 lakh per consignment.

iv.The FTP 2023 has ensured fee reduction for Micro, Small & Medium Enterprises (MSMEs).

v.The FTP 2023 aims to make Indian Rupee a global currency and allow  international trade settlement in the domestic currency.

vi.FTP 2023 will offer policy continuity and a responsive policy framework for promoting India’s Exports of Goods and Services.

vii.FTP 2023 has also introduced an amnesty scheme for one-time settlement of default in export obligation.

About Ministry of Commerce and Industry(MoC&I):

Union Minister– Piyush Goyal(Rajya Sabha- Maharashtra)
Minister of State(MoS)- Som Parkash (Constituency- Hoshiarpur, Punjab) and Anupriya Patel(Constituency- Mirzapur, Uttar Pradesh)