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

16 May 2023 CW Team

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

Real Estate

13 Oct 2026

Adani begins construction of Dharavi rehabilitation homes

Construction of rehabilitation homes for eligible Dharavi residents has commenced at the 22-acre Matunga railway site, following a Bhoomi Poojan ceremony performed by Pranav Adani, Director, Adani Enterprises (AEL). The project, being implemented by Adani Navbharat Developers (ANDPL), envisages 10 towers comprising 10,432 rehabilitation apartments and 1,379 commercial and industrial units.Under the in-situ rehabilitation scheme, eligible residents will receive homes measuring 350 sq ft. Residents from Sectors 6 and 1 will be accommodated at Matunga first, followed by nearly 4,500 apartments fo..

Adani begins construction of Dharavi rehabilitation homes

Construction of rehabilitation homes for eligible Dharavi residents has commenced at the 22-acre Matunga railway site, following a Bhoomi Poojan ceremony performed by Pranav Adani, Director, Adani Enterprises (AEL). The project, being implemented by Adani Navbharat Developers (ANDPL), envisages 10 towers comprising 10,432 rehabilitation apartments and 1,379 commercial and industrial units.Under the in-situ rehabilitation scheme, eligible residents will receive homes measuring 350 sq ft. Residents from Sectors 6 and 1 will be accommodated at Matunga first, followed by nearly 4,500 apartments fo..

Seven Propel 470 HEV electric tippers go to work on coal haulage in Chhattisgarh

Propel EV, the electric mobility division of Propel Industries and India's No. 1 electric tipper brand, has deployed seven 470 HEV electric trucks with a leading coal-haulage contractor at one of India's largest opencast coal mines in Chhattisgarh. The trucks are in daily operation, moving coal on continuous haul cycles in one of the most demanding applications in Indian mining.Why Electric - and Why CoalCoal haulage runs round the clock: heavy loads, long haul cycles, steep ramps and abrasive dust. It is also where diesel hurts most. Engines run continuously, fuel is the largest single operat..

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

Related Stories

Gold Stories

Adani begins construction of Dharavi rehabilitation homes

Adani begins construction of Dharavi rehabilitation homes

Seven Propel 470 HEV electric tippers go to work on coal haulage in Chhattisgarh

Related Articles

Latest Updates

Recommended for you

Advertisement

Subscribe to Our Newsletter

STAY CONNECTED

Advertisement

Modal Heading

First Name *

Last Name *

Industry *

Email Address *

Mobile Number *

Password *

Confirm Password *

Subscribe to our Newsletter

Email Address *

Password *

Please enter the details

Email Address

Modal Heading

First Name *

Last Name *

Industry *

Email Address *

Mobile Number *

Password *

Confirm Password *

Subscribe to our Newsletter

Email Address *

Password *

Please enter the details

Email Address