India's new Foreign Trade Policy aims for $2 trillion in exports by 2030

The newly launched Foreign Trade Policy (FTP) by the Directorate General of Foreign Trade is the most significant one yet. It sets an ambitious target of reaching $2 trillion in exports by 2030. MSMEs will be at the forefront of this and consequently are the largest beneficiaries of this new FTP. The government has reduced license fees and simplified export procedures to reduce compliance costs for exporters. It has also provided MSMEs with access to the Export Credit Guarantee Corporation (ECGC) scheme for small exporters. The policy also includes a separate chapter on promoting cross-border trade in the digital economy through e-commerce exports. The government will provide support for MSMEs to set up their e-commerce platforms and enhance their digital capabilities. It will also set up dedicated e-commerce hubs to simplify storage, customs clearance, returns processing, labelling, testing, and repackaging. The proposal to operationalise post offices throughout the country to facilitate ecommerce exports fulfilment will aid MSMEs in simplifying logistics. The government will set up technology centers and incubators to help MSMEs upgrade their skills and adopt modern technologies. The policy also aims to promote research and development in MSMEs by providing them with funding and support. While the FTP 2023 is a visionary policy, a concrete roadmap is required to achieve its objectives. Proper implementation and enablement can help MSMEs play a significant role in driving India’s exports and economic growth in the years to come. In conclusion, the FTP 2023 is a step in the right direction for empowering MSMEs, particularly those engaged in e-commerce exports. The policy will provide them with the necessary support and incentives to compete effectively in the global market. Also Read MahaRERA yet to address nearly 7,000 pending homebuyer cases Foxconn breaks ground on $500 million factory in India