New Delhi : The Union Commerce Minister, Piyush Goyal, introduced India's Foreign Trade Policy 2023-28 on Friday.
The new policy aims to internationalize trade in rupees, making it easier for Indian businesses to trade with foreign countries using their national currency.

Several changes have been made to the policy to benefit various sectors. The dairy industry will no longer have to maintain an average export obligation. Additionally, the special advance authorization scheme has been extended to the apparel and clothing sectors.

The new policy focuses on moving from incentives to remission, meaning that exporters will receive refunds on the taxes and duties paid on inputs used for export production. Export promotion will also be done through collaboration between exporters, states, districts, and Indian missions.

The policy also prioritizes the ease of doing business, aiming to make it even simpler for Indian businesses to trade with foreign companies. The policy focuses on emerging areas such as e-commerce and export hubs. Faridabad, Moradabad, Mirzapur, and Varanasi have been designated as towns of export excellence.

According to the Directorate General of Foreign Trade, Santosh Sarangi, India's total exports in FY 2023 are projected to exceed $760 billion. The policy has no end date and will be updated regularly to ensure that it remains relevant and beneficial to Indian businesses.

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