In the world today, there is no country which produces all the things that it needs. Thus, every country produces those commodities in which it has a comparative advantage and exchanges some commodities with the commodities produced by other countries.
The relative differences in geographical conditions, technology, resource availability, tastes etc. have paved the way for international trade worldwide.
The foreign exchange earned by exchanging commodities can be used for buying the commodities which are required by the country. Foreign trade also increases the scale of production and the national income of the country.
However, foreign trade cannot be left on its own. The government needs to intervene and look at the interest of the country first. In India, Shri Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles launched the Foreign Trade Policy (FTP) 2023 on 31st March 2023. He mentioned that it is a dynamic policy and has been kept open-ended to accommodate the emerging needs of the time. He stated that the policy had been under discussion for a long time and had been formulated after multiple stakeholder consultations.
The previous foreign trade policy for 2015-2020 had targeted exports of USD 900 billion by 2020. This target was extended along with the policy for three years till March 2023 due to the COVID-19 pandemic and the volatile geo-political scenario.
FTP 2023 is based on these 4 pillars:
(i) Incentive to Remission,
(ii) Export promotion through collaboration -Exporters, States, Districts, Indian Missions,
(iii) Ease of doing business, reduction in transaction cost and e-initiatives, and
(iv) Emerging Areas – E-Commerce Developing Districts as Export Hubs and streamlining SCOMET policy.
Denne historien er fra July 2023-utgaven av Extraordinary and Plenipotentiary Diplomatist.
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Denne historien er fra July 2023-utgaven av Extraordinary and Plenipotentiary Diplomatist.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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THE WOLF ECONOMY AWAKENS
Mongolia's Fight for Democracy, and a Green and Digital Future
DESTINATION Kenya
Background - My interest in visiting Kenya began on December 3, 2016, when the Kenya Tourism Board organized the Magical Kenya Open Golf Tournament in Delhi. The event, by invitation only, attracted many notable figures from Delhi NCR, and I was fortunate to be one of the winners. Along with a beautiful trophy, the prize included a trip to Kenya to play three rounds of golf in Nairobi and visit the renowned wildlife sanctuaries of Kenya.
THE POLITICAL LESSONS FROM THE MAHABHARATA
The word 'politics' always inflicts a sense of excitement as well as resentment amongst the public at large. Often people irrespective of gender or age are found commenting upon the dynamics of politics and the way it has taken shape over the years.
UNIVERSAL HEALTH INSURANCE: TRANSFORMING TANZANIA'S HEALTHCARE SYSTEM
Tanzania, a country known for its rich cultural heritage and breathtaking landscapes, is now setting a new precedent in the healthcare sector.
INDIA'S ELECTRIC REVOLUTION: LEADING THE GLOBAL THREE-WHEELER MARKET
Globally, long-term EV growth is expected to lower battery prices and advance next-generation battery technology, enhancing the economic viability of electric vehicles. According to a BNEF report, the three-wheeled vehicle segment is on track to reach net zero emissions by mid-century, with India's growth positioning it as a global leader.
INDIA'S STRATEGY TO SCALE UP GREEN HYDROGEN PRODUCTION
India's first multi-purpose green hydrogen pilot project at 1,500 MW Nathpa Jhakri Hydro Power Station (NJHPS) in Himachal's Jhakri was inaugurated on April 24 this year.
"Vietnam-India comprehensive strategic partnership has made progress"
In an interview with Diplomatist Magazine, Mr. Le Quang Bien, Consul General of Vietnam in Mumbai, provides perspectives on the burgeoning Vietnam-India relationship, particularly focussing on trade, investment, tourism, and renewable energy sectors. With Vietnam's emergence as a pivotal manufacturing hub in Southeast Asia and India's robust technological prowess, he highlights the promising avenues for collaboration in manufacturing, technology, and agriculture. Mr. Bien also sheds light on Vietnam's rich cultural and natural attractions, emphasising the Consulate General's efforts to promote tourism and culinary exchange in Mumbai.
THE EVOLUTION OF MINILATERALS: CATALYSTS FOR STRATEGIC COOPERATION IN THE INDO-PACIFIC
The current set of multilaterals, collectively or individually are facing a challenge in achieving four objectives of the largest multilateral institutions, the United Nations viz, \"maintaining international peace and security, protecting human rights, delivering humanitarian aid and support sustainable development\", owing to rising great power competition, unbridled competition among regional powers and unprecedented challenges in the Global North and the Global South.
NAVIGATING THE CROSSROADS: VISION FOR EUROPE'S FUTURE
\"Europe will not be made all at once, or according to a single plan. It will be built through concrete achievements which first create a de facto solidarity.\" Jean Monnet - The Father of the European Union.
ECONOMIC REFORMS AND GROWTH PROSPECTS: INDIA'S AGENDA FOR THE GLOBAL ECONOMY
India's economy is of global importance with a large young population and an open and democratic political system. It is already the third-largest economy and contributor to global economic growth, yet there is considerable untapped potential.
