News Desk, News Nation 360 : Recently in Kolkata, The Bharat Chamber of Commerce and the Indian Council of Arbitration jointly presented a symposium titled "Unravelling India's New Foreign Trade Policy for India's Growth." Sunil Barthwal, IAS, Commerce Secretary, Ministry of Commerce and Industry, Government of India, was the Symposium's Chief Guest. Instead of exporting raw materials, Sunil Barthwal believed that India should focus on producing value-added goods, particularly processed food and marine products. During his speech, Sunil Barthwal stated that the new Foreign Trade Policy (FTP) was created with the overarching goals of increasing the competitiveness of exports and identifying strategies for trade promotion. He continued by saying that every product has globally integrated supply chains.
"We anticipate that exports of goods and services will account for an equal portion of the desired value. E-commerce would account for 20% of the value of merchandise exports" - Sunil Barthwal
Everyone must take advantage of this chance and participate. The primary goals of the new FTP are to increase manufacturing competitiveness and broaden involvement in those value chains. Regarding the concerns brought up by N. G. Khaitan, the Commerce Secretary said that the Indian government is committed to helping SMEs by offering useful data on potential products and interesting nations via a portal. In addition, he asked the Chamber to provide recommendations on how to enhance the Export Promotion Council's operations in order to alleviate stakeholder coordination issues. Prior to wrapping up, Sunil Barthwal restated the FTP's goal of achieving US$ 2 trillion in export revenue. He said that India is currently in a "sweet spot" for the world and cited the Prime Minister, saying, "Ye samay hi, sahi samay hai!"
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