India's trade has been hit by supply chain disruptions and slowdown in global trade amidst ongoing Russia-Ukraine war
India will unveil its much-awaited new Foreign Trade Policy 2023-28 on Friday, with a view to boost exports amid slowing global trade. Commerce and Industry Minister Piyush Goyal will announce the foreign trade policy, according to the ministry. The current foreign trade policy (2015-20) is in force till March 31, 2022.
The term of the previous five year policy had ended in March 2020. However, it has been extended repeatedly in wake of Covid outbreak and resulting lockdowns. The last extension was given in September 2022 till March 31, 2023. Goyal will announce the foreign trade policy which is expected to outline the vision statement for taking India's goods and services exports to $2 trillion by 2030.
The country is likely to end this fiscal year with total exports of $760 billion as against $676 billion in 2021-22. India's trade has been hit by supply chain disruptions and slowdown in global trade amidst ongoing Russia-Ukraine war. Sources said the new policy is likely to incorporate WTO-compliant export promotion measures. Speaking at an event in Mumbai, Goyal said that amidst all the economic challenges faced by many countries, India is the bright spot, which almost everybody recognises and respects.