NEW DELHI: The government of India announced on Friday that its new foreign trade strategy, which will go into effect on April 1, will take steps to stimulate international trade involving the rupee in an effort to increase exports in the face of sluggish global trade.
Commerce Secretary Sunil Barthwal stated during a news conference in the nation’s capital, New Delhi, that the South Asian country is prepared to trade in rupees with countries lacking in dollars in order to “disaster-proof” them and essentially increase its exports.
Santosh Kumar Sarangi, director-general of foreign trade, said the steps include industry-specific targets to achieve a goal of $2 trillion in exports of goods and services by 2030. (DGFT).
Although global uncertainties that make the export environment relatively hard, that is a roughly three-fold increase from anticipated exports of $770 billion in financial year 2022/23, he noted.
According to Sarangi, India is also introducing a new amnesty programme for the one-time settlement of export requirement defaults.
The programme, which seeks to resolve trade disputes more quickly, will be in effect until September 2023 but will not be applicable in situations involving fraud investigations.
In order to achieve some government-backed benefits, India’s new strategy will also simplify some trade approvals and reduce fees for medium-sized and small enterprises.