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

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..