Foreign trade is an important milestone on the path of becoming a 5 trillion USD economy. In this context, analyse the potential of the recently released Foreign Trade Policy, 2023 in revamping India's participation in global trade.

India post 1991 reforms saw growth in trade of 26/. annually and growth of country crossed Hindu rate of growth. Necessity of Foreign trade: i) Exports: → Support industrial requirements (semiconductors, solar wafers) → Supply chain growth (China+2 strategy) → Promotes investment (FDI, FII) → Support from WTO and developed countries ii) Exports: → Earner of foreign exchange tourism → Promotes doubling of farmers income → Exports (doubling of farmer income → Ashok Lehi)

Reflection of FTP, 2023: i) Harmonious construction of Atmanirbhar Bharat with globalisation ii) Focus on value addition instead of raw material export (26,000 million dollars exported - Virtual Water annually) iii) Ease of doing business (ECGLS, Export levies) iv) MSMEs merchandise export YoY improvement (RoDTEP, Factory)

— Tharun Teja · AIR 123