The Government is working on a new foreign trade policy (FTP) - a vision statement to chart out long-term goals on exports and imports - which is expected to come into effect from April, according to recent media reports. At a time when global demand is shrinking and its effects on our exports have gradually been becoming more prominent, it will be interesting to see how a new strategy is framed that can address this major challenge.

The new FTP was initially scheduled to be announced in 2020, but due to the pandemic the Centre has extended the 2015-20 policy on a piecemeal basis. So, it’s already late and the industry is calling for some concrete measures to give a fillip to exports, which in recent time have critically contributed to the country’s economic growth. At the same time, experts point out that measures in the upcoming FTP must have strategic intent and should not be confined to short-term measures only.

It is expected that the upcoming FTP will have new chapters on e-commerce and district export hubs. In the last few years, e-commerce exports have witnessed healthy growth, opening up overseas markets even to small entrepreneurs, and with the number of online shoppers increasing globally, particularly after a structural shift in shopping in the post-pandemic era, it is the right time to push our e-commerce exports. Similarly, ODOP can be a game changer for the Indian exports sector.

Since the decade of 1990s, our exports has come a long way, now with both services and manufacturing playing a crucial role in our foreign trade. According to government estimates, our goods and services exports may cross $750 billion this fiscal despite global headwinds. Such a change did not happen by chance. It has become possible due to strategic intervention by the Government along with relentless pursuit of the industry over the years. The upcoming FTP should keep this spirit alive.

I invite your opinions.