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BUSINESS EYE APRIL 07, 2023 | The Indian Eye 30

Govt. unveils plans to

boost services and merchandise

exports to $2 trillion by 2030

Provisions for merchanting trade are also proposed. A merchanting transaction is one which involves the

shipment of goods from one foreign country to another foreign country involving an Indian Intermediary

OUR BUREAU
New Delhi

nion Minister for Commerce
and Industry Piyush Goyal
Uwhile unveiling Foreign Trade
Policy 2023 on Friday expressed confi-
dence in India touching exports worth
USD 2 trillion by 2030. “By 2030, we
will export USD 2 trillion in services
and merchandise. All embassies will
help exporters in exports,” he said.
The Directorate General of Foreign
Trade said that the total exports in
Financial Year 2023 are projected to
cross USD 760 billion.
The Ministry of Commerce and
Industry said Foreign Trade Police
2023 focuses on the internationalisa-
tion of trade in rupees. On the occa-
sion, Piyush Goyal unveiled FTP 2023
which will come into effect from April 1.
The Foreign Trade Policy 2015-20,
which was to end in March 2020 was ex- Union Minister for Commerce and Industry Piyush Goyal with Union Minister of State for Commerce and Industry Anupriya Patel and Commerce
tended due to the Covid-19 pandemic Secretary Sunil Barthwal releases the Foreign Trade Policy 2023 in New Delhi on Friday (ANI Photo/ Jitender Gupta)
and volatile geo-political scenario. In-
ternational trade settlement in rupee one which involves the shipment of slow down to 1 percent in 2023, due to the goal of trillion dollar merchandise
is allowed under the new policy and goods from one foreign country to global uncertainties. Export scenario exports by 2030. The government will
changes introduced for the grant of another foreign country involving an will remain challenging,” the govern- also restructure the Department of
export benefits and fulfilment of ex- Indian Intermediary. ment said in its presentation. Commerce to make it future-ready.
port obligation for export realizations The government believes mer- In the past six-to-seven years, In- Meanwhile, in a second consecu-
in Indian currency as per RBI norms. chanting trade is expected to facilitate dia’s exports have risen by about 75 tive weekly increase, India’s forex re-
The government has been work- trade, making India a trade hub. per cent, as compared to 28 per cent serves rose $5.977 billion to $578.778
ing towards making the Indian rupee Also, four new towns of export at the global level, data showed. billion in the week ended March 24,
a global currency and allowing inter- excellence (TEE) are being declared During the period, engineering the Reserve Bank of India said on Fri-
national trade settlement. The RBI in addition to the already existing 39 and agricultural exports rose 81 per day. In the previous reporting week,
had last year put in place an addition- towns of export excellence. They are cent and 61 per cent, respectively. the kitty had risen by $12.8 billion to
al arrangement for invoicing, payment, Faridabad for apparel, Moradabad Pharma and electronics goods rose 45 $572.8 billion.
and settlement of exports/imports in for handicrafts, Mirzapur for hand- per cent and 163 per cent, respectively. It can be noted that in October
Indian currency. This mechanism will made carpet and dari, and Varanasi Coming to marine products and 2021, the country’s forex kitty had
help in internationalizing the Indian for handloom and handicraft. toy, they rose 63 per cent and 89 per reached an all-time high of $645 bil-
currency in the long run. A currency The benefits of such export excel- cent, respectively, data showed. lion. The reserves have been declining
can be termed “international” if it is lence are recognition, market access Further, dairy sector to be ex- as the central bank deploys the kitty
widely accepted worldwide as a medi- initiative scheme, and common ser- empted from maintaining Average to defend the rupee amid pressures
um of exchange. vice provider facility. Export Obligation. It aims to support caused majorly by global developments.
The Foreign Trade Policy 2023 India’s total exports already the dairy sector to upgrade technology. For the week ended March 24,
being is aimed to provide policy conti- crossed USD 750 billion. “India’s pro- The government estimates sug- the foreign currency assets, a major
nuity and a responsive framework. jected growth (in 2023) is more than gest that e-commerce exports are component of the reserves, increased
Under the new policy, provisions double the projected growth for the expected to grow to USD 200-300 by $4.38 billion to $509.728 billion, ac-
for merchanting trade are also pro- world. The WTO’s global trade fore- billion by 2030. The government will cording to the Weekly Statistical Sup-
posed. A merchanting transaction is cast predicts growth in world trade to set sector-specific targets to achieve plement released by the RBI.

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