The Modi government has announced a new foreign trade policy in the country. Its purpose is to increase exports in the country. The government aims to increase exports in the country to two trillion dollars by the year 2030 with its help. This will not only increase the country's exports, but also change the picture of cities like Varanasi, Moradabad and Mirzapur. In fact, in the new Foreign Trade Policy, four new cities - Faridabad, Moradabad, Mirzapur and Varanasi have been identified as new Towns of Export Excellence.
Why were these cities chosen?
With its help, the government will be helped in rejuvenating these four cities. Faridabad will be the Town of Export Excellence for Apparel. At the same time, Town of Export Excellence has been made for Moradabad Handicraft. On the other hand, Moradabad has been made the Town of Export Excellence for home made carpets. Varanasi has been given this status for handloom and handicraft.
The current foreign trade policy is applicable till March 2022. In fact, the term of the policy had ended in March 2020 itself. However, due to the corona virus lockdown and subsequent lockdown, it was pushed ahead. Last time in September 2022, this policy was extended further and its last date was 31 March 2023.
Earlier 39 cities included in the list
According to the provisions in the Foreign Trade Policy, cities which produce goods worth at least Rs 750 crore are recognized as Town of Export Excellence. These cities are selected for export on the basis of their growth potential. There are already 39 such cities in the country, which have been recognized as Towns of Export Excellence.
Presenting the Foreign Trade Policy 2023-28, Union Commerce Minister Piyush Goyal said that the new policy will focus on trade in rupees. The new foreign trade policy will come into effect from Saturday i.e. April 1, 2023.
At present, due to the ongoing war between Russia-Ukraine, there have been disruptions in the supply chain and there has also been a slowdown in global trade. In such a situation, this new foreign trade policy of India becomes important.
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