{"id":236416,"date":"2023-04-06T20:35:00","date_gmt":"2023-04-06T15:05:00","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=236416"},"modified":"2023-04-07T12:20:35","modified_gmt":"2023-04-07T06:50:35","slug":"our-new-foreign-trade-policy-is-transformational-and-futuristic","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/our-new-foreign-trade-policy-is-transformational-and-futuristic\/","title":{"rendered":"Our new foreign trade policy is transformational and futuristic"},"content":{"rendered":"\n

S<\/strong>ource<\/strong>: The post is based on the article\u00a0\u201cOur new foreign trade policy is transformational and futuristic<\/strong>\u201d\u00a0<\/strong>published in the\u00a0Livemint <\/strong>on\u00a06th April 2023<\/strong>.<\/p>\n

Syllabus<\/strong>: GS \u2013 3: changes in industrial policy and their effects on industrial growth.<\/p>\n

Relevance<\/strong>: About new Foreign Trade Policy 2023 (FTP 2023).<\/p>\n

News<\/strong>: Recently, the government unveiled a new Foreign Trade Policy (FTP).<\/p>\n

What are the salient features of India\u2019s FTP 2023?<\/span><\/span><\/h2>\n

Lending export competitiveness to Indian products is the key focus of the new policy. It aims to ease taxation and operations along the entire trade cycle.<\/p>\n\n\n\n
Read here:\u00a0Foreign Trade Policy 2023 announced<\/a><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

How this FTP 2023 is different from previous ones?<\/span><\/span><\/h2>\n\n\n\n
Read here: \u00a0Long on intent: On India\u2019s Foreign Trade Policy<\/a><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

What are the challenges associated with the FTP 2023?<\/span><\/h2>\n\n\n\n
Read here: Foreign Trade Policy 2023: Old policy for new world<\/a><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

What are the potential benefits of the FTP?<\/h2>\n

-Targeted interventions have already resulted in exports of electronic goods jumping by 162% from $6 billion in 2015-16 to $16 billion in 2021-22, of engineering goods by 81% and of toys by 89%. The FTP will further improve this.<\/p>\n

-Expanding India\u2019s self-ratification scheme for fixing input-output norms to two-star and above status holders will reduce operational hassles for exporters. The export-performance threshold for recognition of status has also lowered significantly.<\/p>\n

-India is the world\u2019s largest milk producer, with a 24% global share of milk production but less than 0.5 % of world dairy exports. So, special measures have been taken to support the dairy industry in upgrading technology through an exemption from export obligations.<\/p>\n

-The latest FTP provides for reduced export obligations for battery electric vehicles, vertical farming equipment, wastewater treatment and recycling, rainwater harvesting systems and green-technology products. This will promote sustainability and climate change mitigation.<\/p>\n

-Internationalization of trade in the Indian rupee will also promote exports.<\/p>\n

-The FTP encourages active participation by Indian states and also Indian missions abroad for market identification, facilitating the entry of Indian products to overseas markets, marking a strategic transformation in India\u2019s export strategy.<\/p>\n\n\n\n
Must read:\u00a0India\u2019s New Foreign Trade Policy (FTP) and its significance \u2013 Explained, pointwise<\/a><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article\u00a0\u201cOur new foreign trade policy is transformational and futuristic\u201d\u00a0published in the\u00a0Livemint on\u00a06th April 2023. Syllabus: GS \u2013 3: changes in industrial policy and their effects on industrial growth. Relevance: About new Foreign Trade Policy 2023 (FTP 2023). News: Recently, the government unveiled a new Foreign Trade Policy (FTP).… Continue reading Our new foreign trade policy is transformational and futuristic<\/span><\/a><\/p>\n","protected":false},"author":10311,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[11348,216,10501],"class_list":["post-236416","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-foreign-trade-policy-2023","tag-gs-paper-3","tag-live-mint","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/236416","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10311"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=236416"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/236416\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=236416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=236416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=236416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}