Foreign trade policy 2023 | Foreign policy for MPPSC nd uppsc|

Foreign trade policy 2023



The Government of India has announced the new Foreign Trade Policy (FTP) to be effective from April 1, 2023.  This policy has been prepared with the objective of promoting India's exports and increasing India's share in the global economy.

Main objectives of the policy

1. To increase India's exports to $2 trillion by 2030.

2. Increasing the share of micro, small and medium enterprises (MSMEs) in exports.
To make exports more productive and competitive.

3.To promote innovation and technology transfer in exports.

4. Making exports more inclusive.

Key provisions of the policy 

Subsidy on export of machinery and equipment: The Government of India will provide a subsidy of 5% on the export of machinery and equipment.  This subsidy will be applicable on exports up to Rs 100 crore.

Export financing for MSMEs: Government of India will provide financing of Rs 10,000 crore to MSMEs for exports.  This financing will be available at 5% interest rate.

Entry into new markets: The Government of India will assist exporters in entering new markets.  For this, the government will provide training and guidance to exporters through Export Promotion Councils (EPCs).

Innovation and Technology Transfer: Government of India will promote innovation and technology transfer to exporters.  For this, the government will provide subsidy for research and development (R&D) to exporters.

Inclusion: The Government of India is committed to increasing the share of all segments in exports.  For this, the government will provide training and guidance to the exporters.

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