On 31 March, the Indian government unveiled its New Foreign Trade Policy (NFTP) with the key goal of increasing the country’s exports to $2 trillion by 2030. The NFTP, which will replace India’s last FTP (2015-20) is the first policy without an end date or period to enable the government to modify or update it according to changing global economic conditions and / or domestic priorities. India’s trade market has been growing steadily over the years, with merchandise exports reaching $313.36 billion in 2019-20, and services exports reaching $213.2 billion during the same period.
However, the country still faces several challenges in its trade relations, including a significant trade deficit with some countries and the need to improve logistics and infrastructure to enhance the competitiveness of Indian exports. The NFTP aims to address these challenges and provide a roadmap for India’s trade and export policies in the coming years. Other goals of the NFTP include boosting India’s exports, while reducing the reliance on imports, attracting foreign investment, and promoting domestic manufacturing.