Foreign Export trade policy shipments to $2 trillion by 2030 : Piyush Goyal

India on Friday came out with a “dynamic and responsive” foreign trade policy with the objective of raising the country’s outward shipments to $2 trillion by 2030, making Indian rupee a global currency and incentivising e-commerce exports Bolstering rupee payment system The govt is ready to trade in Indian rupee with countries facing currency failure or dollar shortage. We will strengthen the rupee payment system. — Sunil Barthwal, Commerce Secretary

The approach of the Foreign Trade Policy (FTP) 2023 is to move from incentive to remission-based regime; encourage collaboration between exporters, states, districts and Indian Missions; reduce transaction cost; and develop more export hubs. India is likely to cross $765 billion merchandise and services exports in the financial year 2022-23, which ended on Friday. The total exports were $676 billion in the previous fiscal year. Unlike the practice of five-year FTPs, this time the government has come out with a dynamic and responsive trade policy without any end date, and will be updated as per the emerging global scenario 

Union Commerce and Industry Minister Piyush Goyal, who unveiled the policy, said, “We have to meet our exports targets going forward. We will achieve $2 trillion in exports by 2030, but it should not be that merchandise exports are outperformed by services exports.”

Commerce Secretary Sunil Barthwal said the government was ready to trade in Indian rupee with countries which were facing currency failure or have dollar shortage. The government was focusing on strengthening the rupee payment system, he said.