India’s new Foreign Trade Policy (FTP) announced by Minister of Commerce, Shri Piyush Goyal, which came into effect from 1April 2023, seeks to integrate India further into global value chains and to make India an export hub.
In light of the COVID-19 pandemic and the “volatile geo-political scenario till 31.03.2023”, the previous Foreign Trade Policy (2015-20) was extended. The new FTP is a shift from an incentive-based approach and creates an enabling ecosystem for exporters, which is a move in line with India’s vision of becoming “Atmanirbhar” (self reliant).
Broadly, the…
