India has always been a key player in the global trade arena. The country’s rich heritage and diverse culture have made it an attractive destination for international trade and investment. In order to further boost its exports and attract foreign investments, India has recently announced a New Foreign Trade Policy for the period 2023-2030. The new policy aims to make India a major player in global trade and provide a boost to the country’s economy.

Objectives of India’s New Foreign Trade Policy 2023-2030

1. Increase India’s Share in Global Trade: The primary objective of the new policy is to increase India’s share in global trade. India currently accounts for just 2% of global exports, and the government aims to increase this to 5% by 2030. This will be achieved through a combination of measures, including the creation of new trade agreements, the promotion of exports, and the reduction of trade barriers.
2. Promote Sustainable Development: The new policy is also aimed at promoting sustainable development. The government aims to achieve this by promoting green trade and encouraging the adoption of environmentally friendly production methods. This will not only help in reducing carbon emissions but also provide a competitive edge to Indian exports in the global market.
3. Boost Export Competitiveness: Another important objective of the new policy is to boost India’s export competitiveness. This will be achieved through various measures, including the development of infrastructure, the enhancement of the quality of Indian products, and the promotion of e-commerce.
4. Enhance Ease of Doing Business: The government aims to enhance the ease of doing business in India by simplifying export procedures and reducing bureaucratic red tape. This will make it easier for businesses to export their products and attract foreign investments.

Future Goals of India’s New Foreign Trade Policy 2023-2030

1. Double India’s Exports: The government aims to double India’s exports from the current $500 billion to $ 2 trillion by 2030. This will be achieved through a combination of measures, including the promotion of exports and the creation of new trade agreements.
2. Create Employment Opportunities: The new policy is also aimed at creating employment opportunities. The government aims to create 10 million new jobs in the export sector by 2030. This will help in boosting the country’s economy and reduce unemployment.
3. Encourage High-Value Exports: The government aims to encourage high-value exports by promoting the development of high-end manufacturing and technology. This will help in boosting the country’s exports and attract foreign investments.
4. Increase Share of Services in Exports: The new policy aims to increase the share of services in India’s exports. The government aims to increase the share of services exports from the current 38% to 50% by 2030. This will be achieved through the promotion of sectors such as IT and healthcare.

Conclusion

India’s New Foreign Trade Policy 2023-2030 is aimed at boosting India’s exports and attracting foreign investments. The policy is focused on increasing India’s share in global trade, promoting sustainable development, boosting export competitiveness, and enhancing the ease of doing business. The future goals of the policy include doubling India’s exports, creating employment opportunities, encouraging high-value exports, and increasing the share of services in India’s exports. The successful implementation of the new policy will not only provide a boost to India’s economy but also help in making India a major player in the World.