India recently unveiled its new Foreign Trade Policy (FTP) 2023 on March 31, with the goal of increasing exports to USD 2 trillion by 2030. The policy will aim to drive rupee trade and promote e-commerce exports while dealing with the current global uncertainty. Through the new FTP, experts believe that various sectors such as batteries for electric vehicles, green hydrogen, garment and farm equipment will be promoted.
Deloitte India economist Rumki Majumdar has stated that the new policy emphasizes the manufacturing and export sectors for the long term. Not only will this new policy reduce transaction costs in exports, but it will also help India become more resilient to external shocks, improving negotiating capability in international trade negotiation.
IndusLaw Partner Shashi Mathews further highlighted that in the FTP, the government is looking to digitize and re-engineer processes to be more efficient, faster, and more business-friendly. Industries such as e-commerce, merchanting trade, green technology, and farming equipment can expect to gain the most advantage from the policy.
Finally, Sanjay Budhia, chairman of CII National Committee on Exports and Imports, has described the FTP as a means of re-kindling business sentiment and achieving India’s export goals. He believes that lowering the performance threshold in the policy would enable more exporters to reach higher status and reduce expenditure on transactions.
For company mentioned
Deloitte India is one of the largest professional services firms in the world, providing consulting and auditing services as well as financial and internal services. Deloitte India economist Rumki Majumdar has put forth her opinion on the new Indian Foreign Trade Policy 2023, stating that the policy emphasizes the manufacturing and export sector with the potential to reduce transaction costs and make India more resilient in the face of external shocks.
For Person mentioned
Rumki Majumdar is an economist at Deloitte India providing decisions and advice on the Indian economy. Majumdar has spoken up at the new Indian Foreign Trade Policy as she believes it will benefit manufacturing and export sectors for the long term, with potential of reducing transaction costs and making India more resilient to external shocks. She has strongly encouraged the policy as it emphasizes on manufacturing and export sectors.
Overall, the new Indian Foreign Trade Policy 2023 is expected to be a great booster in the world of exports, allowing the various sectors to gain the advantage they need while emphasizing on the manufacturing and export sector. With the new policy, India could potentially overcome international uncertainties and reach its goal of USD 2 trillion exports by 2030.
