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Foreign Trade of India and Foreign Trade Policy (FTP), 2023

Foreign Trade of India and Foreign Trade Policy (FTP), 2023


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About the Book

In India, Foreign Trade (Development and Regulation) Act, 1992, was enacted for regulating imports and exports after the implementation of a new economic policy that emphasized on liberalization, privatization and globalization of the Indian economy. According to the Act of 1992 [which replaced the Import and Export (Control) Act, 1947], the government is authorized to announce foreign trade policy for achieving certain objectives related to foreign trade. Foreign Trade Policy, 2023 (or in short, FTP, 2023) was notified by the Central Government on March 31, 2023, in exercise of powers conferred under Section 5 of the said Act of 1992, as amended from time to time. Unlike earlier time-bound foreign trade policies, FTP, 2023, is open-ended. In other words, the government has not outlined any specific time period of its operation. Government has clarified that it is a dynamic policy and has been kept open-ended to accommodate the emerging needs of time. As India is on a path to become a developed nation by 2047, the FTP, 2023, lays down a blueprint to integrate India with the global markets and make it a reliable and trusted trade partner. The policy calls for building a future-ready India and making it one of the top exporting countries of the world. As a result of its sustained efforts, India achieved its highest ever exports of US$ 676 billion in 2021-22 and is well on its way to achieve the target of US$ 750 billion in 2022-23. As per the new foreign trade policy, the country has set an ambitious target of exports worth US$ 2 trillion by 2030. In recognition of the growing importance of foreign trade for the Indian economy, this book provides a comprehensive description and analysis of India’s foreign trade with focus on recent developments.


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Product Details
  • ISBN-13: 9788177085563
  • Publisher: New Century Publications
  • Binding: Hardcover
  • Language: English
  • ISBN-10: 8177085565
  • Publisher Date: 07-02-23
  • Edition: First Edition
  • No of Pages: 230


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