Which of the following statement is/are correct regarding “Foreign Trade Policy 2023”?

I.         FTP 2023 aims at process re-engineering and automation to facilitate ease of doing business for exporters.

II.         The government intends to encourage the use of foreign currency in cross-border trade.

III.         The government aims to increase India’s overall exports to USD 2 trillion by 2030, with equal contributions from the merchandise and services sectors.

Solution

Explanation: Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles launched the Foreign Trade Policy (FTP) 2023 which comes into effect from April 1, 2023. The policy is based on the principles of trust and partnership with exporters and aims at process re-engineering and automation to facilitate ease of doing business for exporters. The government aims to increase India’s overall exports to USD 2 trillion by 2030 , with equal contributions from the merchandise and services sectors. The government also intends to encourage the use of the Indian currency in cross-border trade, aided by a new payment settlement framework introduced by the RBI in July 2022.