Indian Economy : News,Discussions & Updates
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In $2 Trillion Export Push, India Unveils Foreign Trade Policy 2023
New Delhi:The government today came out with Foreign Trade Policy (FTP) 2023 which seeks to boost the country's exports to $2 trillion by 2030 by shifting from incentives to remission and entitlement based regime.
Unlike the practice of announcing 5-year FTP, the latest policy has no end date and will be updated as and when needed, said Director General of Foreign Trade (DGFT) Santosh Sarangi while briefing media about FTP 2023.
Earlier, Commerce and Industry Minister Piyush Goyal unveiled FTP 2023 which will come into effect from April 1, 2023.
The DGFT also said India is likely to end this fiscal year with total exports of $760-770 billion as against $676 billion in 2021-22.
The last five-year policy came into force on April 1, 2015. However, it was extended several times in the wake of coronavirus outbreak and subsequent disruptions in economic activities globally. The last extension was given in September 2022 till March 31, 2023.
The new FTP identifies four new Towns of Export Excellence (TEE) -- Faridabad, Moradabad, Mirzapur and Varanasi -- in addition to the already existing 39 TEEs.
The FTP benefits have been extended to e-commerce exports, which are estimated to grow to $200-300 billion by 2030.
The value limit for exports through courier service is being increased from ₹ 5 lakh to ₹ 10 lakh per consignment, he said.
The new FTP also seeks to make the Indian rupee a global currency and allow international trade settlement in the domestic currency.
The DGFT further said FTP 2023 is dynamic and responsive to the emerging trade scenario. He also said the department of commerce is being restructured to make it "future-ready".
China Finally Has a Rival as the World’s Factory Floor
China Finally Has a Rival as the World’s Factory Floor
Companies are looking to find a backup for manufacturing, and India—which has a labor force and an internal market comparable in size to China’s—is making its case.
www.wsj.com
China Finally Has a Rival as the World’s Factory Floor
China Finally Has a Rival as the World’s Factory Floor
Companies are looking to find a backup for manufacturing, and India—which has a labor force and an internal market comparable in size to China’s—is making its case.
Still a very long way to go.China Finally Has a Rival as the World’s Factory Floor
China Finally Has a Rival as the World’s Factory Floor
Companies are looking to find a backup for manufacturing, and India—which has a labor force and an internal market comparable in size to China’s—is making its case.
India set to complete EEZ survey in Andamans, extended continental shelf next step
India is set to complete an exhaustive survey of its Exclusive Economic Zone (EEZ) months after the central government aligned all stakeholders, including defence and space agencies, to release 99 percent of the areas prohibited for oil exploration and production due to security concerns.
More i learn about 1991 economic reform and see situation in india today , more i am convinced , it was no less than a miracle . And nobody who knew india in those times , wld have thought it ll be successful . The opposition included political class , business class , intellectual class ( academia , judges , journalists ) . And it happened under a coalition govt .
Narasimha rao getting the IB report on politicians
indianexpress.com
Bombay club ( group of capitalist class ) against reform
Below tweet describe the intellectual class disagreement against whatever that was going on . Read the thread
Narasimha rao getting the IB report on politicians
IB gave Narasimha Rao list of Congmen, ministers against 1991 reforms
How former Prime Minister pushed economic reforms past Congress, BJP, India Inc, helped by Manmohan Singh.
indianexpress.com
Bombay club ( group of capitalist class ) against reform
Below tweet describe the intellectual class disagreement against whatever that was going on . Read the thread
Complete wastage of money !! Only to avoid opposition noise.
We didn’t have a choice. IMF pushed the reforms through our throat.More i learn about 1991 economic reform and see situation in india today , more i am convinced , it was no less than a miracle . And nobody who knew india in those times , wld have thought it ll be successful . The opposition included political class , business class , intellectual class ( academia , judges , journalists ) . And it happened under a coalition govt .
Narasimha rao getting the IB report on politicians
IB gave Narasimha Rao list of Congmen, ministers against 1991 reforms
How former Prime Minister pushed economic reforms past Congress, BJP, India Inc, helped by Manmohan Singh.
Bombay club ( group of capitalist class ) against reform
Below tweet describe the intellectual class disagreement against whatever that was going on . Read the thread
We also should thank Y2K bug followed by dotcom boom to kick start Indian tech sector.
Govt will throw money at anything that's considered strategic. Oil, energy, food, water and communications are such critical industries.
It will be the same with semiconductors. The current PLI is just the start.
Nah, it's strategic.
The Indian private sector is still not powerful enough to go against Western business interests, especially the financial sector. Cheap international loans can disappear very quickly. Adani should be fresh on your mind too.
There's too much FPI/FII influence in our stock markets as well.
Overall, private companies are still susceptible to subversion and that can go against national interests.
That's at least one of the reasons why BSNL/MTNL are not being privatised.
