By Samrat Pradhan, Correspondent
India will unveil its long-awaited new Foreign Trade Policy 2023-28 on Friday, with the goal of growing exports in the face of dwindling global commerce. Commerce and Industry Minister Piyush Goyal, according to the ministry, will outline the worldwide trade strategy. The current international trade plan (2015-20) is set to expire on March 31, 2022.
The last five-year plan was due to end in March 2020. It has, however, regularly been extended in the aftermath of the Covid epidemic and subsequent lockdowns. The most recent extension was approved in September 2022 and will last until March 31, 2023.
Goyal is expected to reveal India's foreign trade policy, which will include a vision statement defining the country's goal of expanding goods and services exports to USD 2 trillion by 2030. This fiscal year, the country is forecast to end with total exports of USD 760 billion, up from USD 676 billion in 2021-22.
The ongoing Russia-Ukraine conflict has damaged India's trade by disrupting supply chains and slowing global commerce. Sources said the new plan will almost certainly include WTO-compliant export marketing strategies.
Goyal noted at a conference in Mumbai that, despite many countries' economic troubles, India is a bright spot that practically everyone recognises and values.