31st March 2023 ENGLISH TNPSC CURRENT AFFAIRS PDF TNPSC SHOUTERS
Foreign Trade Policy – 2023 Issue: Target to increase exports to Rs.164 lakh crore
- The Union Government has released the Foreign Trade Policy 2023 to increase the country's exports to Rs 164 lakh crore by 2030. A 5-year foreign trade policy came into force on 1st April 2015. It has since been extended several times. That policy ended yesterday.
- Union Minister for Trade and Industry Piyush Goyal released the Foreign Trade Policy 2023 yesterday. It is effective from today. It is planned to increase exports to 2 trillion dollars (Rs. 164 lakh crore) by 2030.
- Unlike the 5-year foreign trade policy model that is usually announced, the currently announced trade policy does not have an end date. New information on this will be published as and when required. Total exports are likely to increase to $760 to $770 billion (Rs. 63 lakh crore) this fiscal. In the last year 2021-22, its value was 676 billion dollars (Rs. 55 lakh crore).
- The value limit for exports through courier services has been increased from Rs 5 lakh to Rs 10 lakh per cargo parcel. In the new foreign trade policy, the Indian rupee is converted into an international currency. Payment for international trade can be made in local currency.
- The foreign trade policy of 2023 will be dynamic and responsive to the new trade environment. In the new foreign trade policy, 4 new export cities have been identified. 4 cities namely Faridabad, Moradabad, Mirzapur and Varanasi have been added to the existing 39 export cities.
- The benefits of the foreign trade policy extend to e-commerce exports as well. It is estimated that e-commerce exports will increase to $200 to $300 billion by 2030.
