Background
The Foreign Trade Policy 2015-20 had multiple extensions till 31
March 2023, owing to the COVID-19 pandemic and the unstable
geo-political situation. The new Foreign Trade Policy 2023 (FTP
2023) which was released on 31 March 2023 aims to ensure policy
continuity and subsequent revisions will be made, as necessary,
without linkage to any specific date.
Whereas the present FTP schemes have essentially been continued
as they are, FTP 2023 focuses on shifting from incentives to tax
remission, improving trade facilitation through technology,
automation and process re-engineering, greater emphasis on export
promotion through collaboration between exporters, states, and
districts, and focus on emerging areas such as e-commerce exports,
developing districts as export hubs, and streamlining the Special
Chemicals, Organisms, Materials, Equipment and Technologies
(SCOMET) policy. The Directorate General of Foreign Trade (DGFT)
will be continuously seeking feedback
