- Home
- Current Affairs
- News Crux
- Foreign Trade Policy 2023-28
Foreign Trade Policy 2023-28
On March 31, 2023, Union Commerce, Industry and Textiles Minister, unveiled the Foreign Trade Policy 2023-28 in New Delhi.
- The new foreign trade policy focuses on the internationalisation of trade in rupees according to Union Commerce Minister.
- Under this policy, the value limit for exports through courier services increased to Rs 10 lakh from Rs 5 lakh per consignment.
- The dairy sector will be exempted from maintaining average export obligation under the new policy.
- The Foreign Trade Policy aims to reduce transaction costs for exporters, promote new growth areas, and move from an incentive-based regime to a remission of taxes regime.
- The policy reduces the application fee for Advance Authorization and EPCG Schemes for MSMEs.
- The policy enables merchanting trade and extends benefits to e-commerce exports.
- A Special Advance Authorization scheme for the clothing and apparel sector has been launched to respond to market demands and fashion trends faster.
- India's exports grew over 70% from $435 billion in 2015-16 to nearly $760 billion in 2022-23 as per the announcement.
News Crux
News Crux
News Crux
- Appointment & Resignation
- Art/Culture/Heritage
- Awards In News
- Bill/Act/Amendment
- Defence
- Defence/Military Exercises
- Ecology & Environment
- Famous Books
- Important Days/Weeks
- Important Decade
- Miscellaneous
- Obituary
- Organisation In News
- Persons In News
- Places In News
- Plans & Policy
- Reports/Committee/Commission
- Scheme & Programme
- Science & Technology
- Species In News
- Summit, Seminars & Conferences
- Survey/Index
- Web Portal & Apps