Foreign Trade Policy 2023: Here’s what experts say

Union Minister of Commerce and Industry Piyush Goyal unveiled the Foreign Trade Policy (FTP) 2023 on Friday. This new foreign trade policy will be implemented from April 1. With the new FTP, the government expects that the growth of GDP is going to be seven per cent.

The Union Minister said that this financial year there could be exports of 760 to 770 billion dollars. Exports of $ 25 billion took place in the last financial year i.e. 2022-23. The aim of the government is also that by the year 2030, this figure of exports should be increased to more than two trillion dollars.

Pavan Choudary, Chairman, Medical Technology Association of India (MTaI), an association of  research based medical technology companies said, “The new Foreign Trade Policy (FTP) will work as a catalyst for PM’s dream of making India a 5 trillion economy. Breaking the tradition, the revised policy focuses on long-term instead of a 5 year period. The revised policy will pave the way for stakeholder’s feedback and will keep evolving with world currents. This approach will further enhance the ease of doing business by reducing transaction costs, implementing WTO-compliant policies, single-window interface, standardization on prior approvals, and infrastructural upgrade of existing ports, warehouses, quality testing, and certification centers. These developments will not only encourage domestic players but will also attract overseas investments in India.”

“While the government is trying to incentivize and promote domestic manufacturing, it should also be cognizant of the contributions made by the global players in MedTech space, as 80% of the industry in India is import dependent. The customs duties and taxes levied on medical devices in India are one of the highest in the world which directly impacts patients’ affordability. We are positive that the MedTech sector will get its due through this revised policy”, Choudary further added.

On the other hand, as the government pushing for reforms in the agriculture sector with drone technology, the drone manufactures eyeing India as Drone Hub.

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Deepak Bhardwaj, co- founder, IoTechWorld Avigation — India’s first Type certified (TC) agri-drone manufacturer — said, “Drone sector has immense potential to grow both domestically and internationally. With favourable government policies and incentives, it may emerge as the flag bearer of Indian export sector much like India’s IT sector. In this quest, the emphasis on simplifying policies for promoting export of modern technologies like UAV/ Drones under the new Foreign Trade Policy is indeed a welcome step.

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Union Minister Piyush Goyal unveils new Foreign Trade Policy 2023

This is a very encouraging and positive step by the Government of India to promote make in India products with the vision of establishing India as Drone Hub of the World by 2030.

Similarly, the Agro-chemical sector has also praised the announcements made by Goyal. “Amid the global uncertainty, Commerce Ministry Piyush Goyal has come out with the best possible Foreign Trade Policy, 2023 which will be updated as and when required.  The initiatives announced today will boost the country’s exports and push the country’s shipments to $2 trillion by 2030. The exporters will have a greater incentive to explore opportunities in the non-traditional markets. The best part of the FTA is that all export incentives are WTO compliant and will go a long way in boosting exports on a sustained basis,” said Dr Kalyan Goswami, Director General, Agro Chem Federation of India (ACFI).

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