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Enumerate the key features of Foreign Trade Policy 2023 (FTP 2023). Critically analyse the potential of FTP 2023 in boosting India’s export competitiveness and making the country a key player in the global trade landscape.

Topic: Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth.

4. Enumerate the key features of Foreign Trade Policy 2023 (FTP 2023). Critically analyse the potential of FTP 2023 in boosting India’s export competitiveness and making the country a key player in the global trade landscape.

Difficulty level: Tough

Reference: pib.gov.inInsights on India

Why the question:

The question is part of the static syllabus of General studies paper – 3 and mentioned as part of Mission-2024 Secure timetable.

Key Demand of the question:

To write about features of FTP 2023, its potential and limitations.

Directive word: 

Critically analyze – When asked to analyse, you must examine methodically the structure or nature of the topic by separating it into component parts and present them in a summary. When ‘critically’ is suffixed or prefixed to a directive, one needs to look at the good and bad of the topic and give a balanced judgment on the topic.

Structure of the answer:

Introduction: 

Begin by stating the aims and objectives of FTP 2023.

Body:

First, write about the key features of FTP 2023 – promoting exports of goods and services, enhancing the competitiveness of Indian businesses, and creating a favourable business environment for foreign investors., use of digital technology to promote e-commerce and increase the ease of doing business etc.

Next, write about the potential advantages of the above.

Next, write about the shortcomings of the above.

Conclusion:

Conclude by writing a way forward.