That represents a nearly three-fold jump from expected
exports of $770 billion in financial year 2022/23, he added,
despite global uncertainties that make the export scenario
slightly challenging.
India is also launching a new amnesty scheme for one-time
settlement of defaults on export obligations, Sarangi said.
The scheme, which aims for faster resolution of trade
disputes, will run until September 2023, but will not apply to
cases involving fraud investigations.
India's new policy will also automate some trade approvals
and cut charges for medium-sized and small businesses to secure
some government-backed benefits.
(Reporting by Shivangi Acharya in New Delhi; Writing by Nikunj
Ohri; Editing by Jacqueline Wong and Clarence Fernandez)
(Adds details, comments; paragraphs 2-7)
By Shivangi Acharya
NEW DELHI, March 31 (Reuters) - India's new foreign
trade policy, to be adopted from April 1, will take steps to
support international trade using the rupee currency, the
government said on Friday, as it looks to boost exports amid
slowing global trade.
The South Asian nation is prepared to trade in rupees with
nations facing a shortage of dollars so as to "disaster-proof"
them and effectively boost its exports, Commerce Secretary Sunil
Barthwal told a news conference in the capital, New Delhi.
The measures include industry-specific targets to reach a
goal of $2 trillion in exports of merchandise and services by
2030, said Santosh Kumar Sarangi, head of the
directorate-general of foreign trade (DGFT).
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