New FTP 2023: Mixed Responses From Industries
The newly launched Foreign Trade Policy (FTP) by the Directorate General of Foreign Trade which has come into force from April 1, 2023 paints an ambition of $2 trillion in exports by 2030. However, it does not fully recognize the opportunity and could have been done better.
Under the new FTP, the Government has proposed to create E-commerce Export Hubs and Prime Minister Mega Integrated Textile Region and Apparel Parks (PM MITRA). Some schemes which have achieved past success are being continued, including the Advance Authorization and EPCG Schemes. While the FTP 2023 is a visionary policy, proper implementation and enablement is necessary to set it in the right direction, particularly for those engaged in e-commerce exports.
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