The country’s newly announced Foreign Trade Policy (FTP 2023), which took effect from 1 April this year, is a testament to the forward thinking and realistic approach of Indian policymakers. Launched with the aim of achieving a goal of $2 trillion in exports by the end of this decade, it charts a path for international trade as a significant part of India’s journey towards becoming a $5 trillion economy. The new policy has touched upon various aspects of foreign trade on the basis of developments that have happened over the last eight years. Under the new policy, special emphasis has been given to cross-border trade in digital spheres of economic activity and promoting the ease of doing business, as well as trade facilitation, with needs of the Micro, Small and Medium Enterprise (MSME) sector kept especially in mind.
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