Commerce and Industry Minister Piyush Goyal announced India's much-awaited new Foreign Trade Policy 2023-28, aimed at boosting the country's exports amid a global economic slowdown.

The policy comes after several extensions of the previous foreign trade policy (2015-20), which ended in March 2020. The current policy was extended repeatedly due to the Covid outbreak and resulting lockdowns, with the latest extension given in September 2022 until March 31, 2023.

The new policy is expected to outline the vision statement for taking India's goods and services exports to $2 trillion by 2030, a significant increase from the current export level of around $500 billion. The policy is expected to focus on various areas such as simplifying export procedures, boosting the competitiveness of domestic industries, and diversifying India's export markets.

In addition to the focus on boosting exports, the policy is also expected to address some of the challenges faced by Indian exporters, such as the high logistics cost, lack of access to credit, and the need for skill development. The policy is also expected to promote sustainable trade practices and encourage the adoption of digital technologies to enhance efficiency and transparency in the export process.

India's foreign trade has been adversely affected by the global economic slowdown and the disruptions caused by the Covid pandemic. The new policy is expected to provide a much-needed boost to India's exports and help the country achieve its ambitious target of becoming a $5 trillion economy by 2025.