On Friday, India will reveal its much-anticipated new Foreign Trade Policy 2023-28, with the goal of increasing exports in the face of declining global trade.

According to the ministry, Commerce and Industry Minister Piyush Goyal will announce the international trade strategy.

The current international trade strategy (2015-20) will be in effect until March 31, 2022.

The prior five-year programme was set to expire in March 2020. However, it has been frequently prolonged in the aftermath of the Covid outbreak and subsequent lockdowns.

The most recent prolongation was granted in September 2022 until March 31, 2023.

Goyal will unveil India's foreign trade strategy, which is anticipated to include a vision statement outlining India's goal of increasing goods and services exports to USD 2 trillion by 2030.

The country is expected to conclude this fiscal year with total exports of USD 760 billion as against USD 676 billion in 2021-22.

India's trade has been harmed by supply chain disruptions and a slowdown in global commerce as a result of the continuing Russia-Ukraine conflict.

According to sources, the new strategy will most likely include WTO-compliant export marketing measures.

Speaking at a gathering in Mumbai, Goyal stated that, despite many countries' economic difficulties, India is a bright point that almost everyone recognises and appreciates.