Impacts of New FTP

In effect from 1st April, India’s new FTP (Foreign Trade Policy) has placed major emphasis on using the rupee currency to boost exports in the current slump in the international market. The policy also aims to bring up the country's exports to USD 2 trillion by 2030 by relying on technology to facilitate trade initiatives. India’s FTA with the UK is going well, as stated by Union commerce minister Piyush Goyal. He also claims many other countries are showing high interest in forming FTAs with India.

ECONOMY

India remains a bright spot among global economies: Piyush Goyal

“Developed economies, particularly, are in the midst of high inflation, low growth, job losses. Many developing nations are facing foreign exchange crisis. Amidst all these challenges, India is the bright spot,” Goyal said on the final day of the G20’s first trade and investment working group in Mumbai.

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BILATERAL TRADE

Free trade pact talks with UK continuing; trade stands on its own legs: Piyush Goyal

Amid a diplomatic row following protests by secessionist groups near the Indian mission in London, Union commerce minister Piyush Goyal on Thursday said talks on a Free Trade Agreement with the UK are continuing. Talks are "going on very well" with the UK, Goyal said, adding, "trade stands on its own legs". When asked about the impact of the ongoing events on the trade agreement, Goyal seemed to suggest that negotiations continue. "I can assure you that talks are going on very well with the UK, Canada, with the EU countries, we are also in dialogue with Israel," he told reporters here.

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ECONOMY

India's new trade policy aims to promote rupee trade

India's new foreign trade policy, to be adopted from April 1, will take steps to support international trade using the rupee currency, the government said on Friday, as it looks to boost exports amid slowing global trade. The South Asian nation is prepared to trade in rupees with nations facing a shortage of dollars so as to "disaster-proof" them and effectively boost its exports, Commerce Secretary Sunil Barthwal told a news conference in the capital, New Delhi.

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EXPORT

India aims for $2trn exports by 2030 with new Foreign Trade Policy 2023

“A futuristic policy with focus on Tech and Trade facilitation. Going forward, real time updation will allow proactive participation from trade in government decision making. Proposals like Reduction in MSME user charges for Trade Licenses, special one-time amnesty for default in export obligation; Emphasis on streamlining SCOMET regulations reflects. Government’s attention to reducing compliance burden on exporters, recognising their hardships, and simplifying regulations," said Gautam Khattar, Principal, Price Waterhouse & Co LLP.

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MSME

GeM: MSMEs sold 88% more goods to govt in FY23 from previous fiscal; seller count crosses 60 lakh

Public procurement portal for MSMEs to sell goods directly to the government departments and public enterprises Government e-Marketplace (GeM) has registered 88 per cent growth in its gross merchandise value (GMV) or order value in the financial year 2022-23. The GMV reached an all-time high of Rs 2 lakh crore from Rs 1.06 lakh crore in FY22. Hailing GeM’s growth, Prime minister Narendra Modi tweeted on Friday, “Excellent! @GeM_India has given us a glimpse of the energy and enterprise of the people of India. It has ensured prosperity and better markets for many citizens.”

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