Bikky Khosla | 07 Mar, 2023
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.