Commerce Minister Piyush Goyal To Unveil New Foreign Trade Policy 2023-28 Aimed At Achieving $2 Trillion Exports By 2030

India will release its new Foreign Trade Policy 2023-28 on Friday to enhance exports amidst sluggish worldwide trade.

According to the report, Piyush Goyal, the Commerce and Industry Minister, will declare the policy.

The current foreign trade policy 2015-20 is in force till 31 March 2022. The five-year policy ended in March 2020 but was extended multiple times due to Covid and lockdowns.

The previous extension was granted in September 2022, with the deadline set for 31 March 2023.

The Minister will reveal foreign trade policy aimed at increasing India's exports to $2 trillion by 2030.

Total exports for the fiscal year are expected to reach $760 billion, a significant increase from the previous year's $676 billion.

Supply chain disruptions and a global trade slowdown due to the ongoing conflict between Russia and Ukraine have impacted India's trade.

According to sources, reported The Economic Times, the new policy is expected to include export promotion measures that comply with WTO regulations.

At an event in Mumbai, Goyal highlighted how India is a respected and acknowledged bright spot in the midst of global economic challenges.