Corona is spreading its legs once again. Corona, which has already changed the world to a great extent, can now change it once again. In such a situation, the business of the people of the country should be saved, the income of the people should increase and the inflation should be reduced in the country. For this, it is necessary to increase foreign trade, especially the exports of the country. Keeping all these things in mind, the Modi government has formulated a new foreign trade policy which will be released on Saturday.
The main emphasis in this new policy will be on the fact that America’s policies and restrictions should not affect India’s trade, import and export. Union Commerce Minister Piyush Goyal will release the new foreign trade policy on Saturday.
After all, what will be special in the new policy?
The new foreign trade policy that the government is bringing will handle the country’s exports and imports from the financial year 2023-24 to 2027-28, that is, for the next 5 years. This policy will decide what things will be imported and what will be exported in the country.
In the new foreign trade policy of the Modi government, there will be an emphasis on increasing exports and reducing imports. Rather, the focus will also be on the fact that more and more foreign trade should be done in rupees instead of dollars.
What will be the advantage of doing business in rupees?
Due to Russia and Ukraine war, India had to face many difficulties in importing from Russia. That’s why later both the countries started trading in rupee and ruble only. Similarly, even during the Iran crisis, India started doing business in rupees.
The advantage of doing business in rupees is that the dependence on the dollar decreases, due to which the pressure on foreign exchange reserves is reduced. At the same time, the value of the Indian rupee also gets stronger. Along with this, the effect of fluctuations in the value of rupee against the dollar is also less. The dollar is currently at a 22-year high against the rupee. The value of the rupee against the dollar has now come down to Rs 81.6.
Indian products will be seen in the international market
The effort of the government is to provide international market to Indian products and to increase their presence. Earlier in 2015 also the government had brought foreign trade policy. Then the policy was brought keeping in mind ‘Make in India’, ‘Digital India’, ‘Skill India’, ‘Startup India’ as well as Ease of Doing Business.
This time the government is bringing this policy with a focus on increasing the export of goods and services in the country, increasing jobs and making a self-reliant India. At the same time, this policy is being brought in order to capitalize on the changing circumstances of the world in favor of India after the Corona, Russia-Ukraine war.
At present, the fear of recession is increasing in major economies like America and Europe. Due to this, there is also a fear of affecting India’s export market, while the nervousness of investors has also increased.