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New Delhi:

The country's new foreign trade policy was announced on Friday.

Commerce Minister Piyush Goyal released it.

Along with all the other things, this time also talk of amnesty has been said for the exporters who failed to fulfill the commercial obligations of exports.

Through One Time Settlement by the government, the way has been made easier for such people who could not fulfill their export obligations.

With the slogan of Vishwas se Vishwas, the government is working towards solving the problems faced by the traders.

Under the new foreign trade policy, the government is ready to work to solve the problems being faced by the traders.

The announcement has been made by the government under the new foreign trade policy.

Government has also brought One Time Settlement Scheme in the new trade policy to eliminate the burden of exporters and pending cases due to EPCG, Advance Authorization and high tax.

The government has taken care to reduce the pressure of interest on exporters who are unable to fulfill their export obligations and such people have been given relief through amnesty.

It is the effort of the government to generate enthusiasm among such people to stand up again and become a partner in the progress of the country. 

The Central Government introduced the new Foreign Trade Policy (FTP) on Friday.

Its objective is to reach the country's exports to $ 2,000 billion by 2030, to make the Indian rupee a global currency and to promote e-commerce exports.

The approach of FTP 2023 is to adopt exemption and entitlement based system instead of incentive.

Along with promoting cooperation between exporters, states, districts and Indian embassies, reducing transaction costs and developing more export centers.

The country's goods and services exports are likely to cross $765 billion in the current financial year ending on Friday.

It was $ 676 billion in 2021-22.

Briefing reporters about the new foreign trade policy, Director General of Foreign Trade (DGFT) Santosh Sarangi said that traditionally a five-year foreign trade policy has been announced, but this policy has no expiry date and is being updated with the changing global scenario. Will be updated accordingly.

Earlier, Commerce and Industry Minister Piyush Goyal introduced FTP 2023.

It will come into effect from April 1, 2023.

Goyal said that the commerce ministry will focus on creating a wider reach in the world at the sector-wise or country-level during the next four-five months.

Indian Embassy abroad and Ministry of External Affairs will work closely with the department.

The Commerce Minister said, "Going forward, we have to fulfill our export targets.

By 2030, we will achieve the export target of $ 2,000 billion, but it should not happen that service exports exceed goods exports.

The objective of FTP is to promote trade in Indian Rupee and to globalize it.

It opens the way for transactions in international trade to be done in rupees.

Commerce Secretary Sunil Barthwal said that India is ready to trade in Indian currency with countries which are facing dollar shortage or currency failure.

He also said that Indian exporters have to become globally competitive and should not depend on subsidies.

In the interest of trade and industry and to encourage exporters, relief has been given in FTP to those exporters who could not fulfill their export obligations.

In this, an amnesty scheme has been introduced for one-time settlement of defaults in export obligations under Advance Authorization and Export Promotion Capital Goods (EPCG) schemes.

The new foreign trade policy aims to streamline exports of dual-use products under the 'SCOMET' (Special Chemicals, Organisms, Materials, Equipment and Technologies) policy.

In this, emphasis has been laid on increasing engagement with states and districts through the 'District as Export Hub' initiative.

Under this, identification of products and services in each district, institutional system and preparation of district export action plan etc. are included.

FTP 2023 will also give a boost to e-commerce exports and it is expected to increase to $200-300 billion by 2030.

Apart from this, the value limit for exports through courier services is being increased from Rs 5 lakh per consignment to Rs 10 lakh.

In this, the Special Advance Authorization scheme has been extended to the apparel and textile sector and the dairy sector has been exempted from maintaining average export obligations.

Four new cities have been included in the new FTP, which are Faridabad, Moradabad, Mirzapur and Varanasi, in the Cities of Excellence (TEE).

These are in addition to the already existing 39 Export Excellence Cities.

DGFT said that policy changes are being made since 2015 without announcing new FTP.

The previous policy came into effect from April 1, 2015, for a period of five years, but was extended several times due to the spread of the coronavirus pandemic.

It was last extended in September 2022 till March 31, 2023.