The announcement of India’s foreign trade policy 2023 earlier this year gave companies a road map for navigating the constantly shifting global trade market. The new strategy intends to boost manufacturing competitiveness, export growth, and ease of doing business.
The policy’s emphasis on fostering sustainable and ecologically friendly trade practises is among its noteworthy aspects. Businesses who implement environmentally friendly manufacturing techniques, support the use of electric vehicles, and advance sustainable packaging are given incentives by the legislation.
The expansion of India’s trading footprint in the international market is another important aspect. The initiative aims to enhance India’s exports’ percentage in world commerce from 2% to 3.5% during the following five years. The government also intends to promote India as a preferred trading partner by opening trade offices in significant locations.
The policy does, however, also provide certain difficulties for companies. Data security and privacy issues are becoming more and more of a worry as digital technology is used more and more in business. To protect their data and intellectual property, businesses must implement strong cybersecurity safeguards.
The policy also attempts to increase domestic manufacturing and decrease imports of non-essential items. Local firms may benefit from this, while businesses that rely on imports may face increased competition and difficulties as a result.
We at Lions Inc. are committed to assisting companies in navigating the ever-changing economic environment and are aware of the challenges presented by international trading. With the help of our agreements with reputable shipping lines like Hapag-Lloyd, CMA CGM, MSC, and Maersk, as well as our expertise in logistics and supply chain management, we are able to provide dependable, economical, and creative solutions to our customers.
Please get in touch with us at info@lionsinc.in if you have any questions or would like more information about our services. We are here to guide you through the chances and difficulties that India’s foreign trade policy 2023 presents.