TN Chamber welcomes Foreign Trade Policy 2023, service sector unhappy

MADURAI: Tamil Nadu Chamber of Commerce and Industry (TNCCI), Madurai, welcomes the new Foreign Trade Policy (FTP) 2023 unveiled by Union Minister of Commerce and Industry Piyush Goyal as it’s more inclusive and comprehensive. The new policy FTP 2023 that took effect from April 1, 2023 will achieve better export promotion by fostering partnerships between exporters, states, districts, and India Missions. The key approach of the FTP policy is based on four pillars such as an incentive to remission, export promotion through collaboration, ease of doing business, and ‘e.initiatives’. “The FTP would play a pivotal role in realising the target of US $2 trillion in exports for goods and services by the year 2030,” N Jegatheesan, president, TNCCI, Madurai said on Monday. However, the new FTP policy disappointed the service sector as there was no announcement about a new incentive plan for that sector.