Foreign Trade Policy 2023-28

• 31 Mar 2023

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.