Foreign Trade Policy 2023 released by Union Minister Piyush Goyal

Current Context: The Union Minister of Commerce and Industry Shri Piyush Goyal has launched the Foreign Trade Policy 2023 on 31 March 2023. He said India's total exports including services and merchandise exports have already crossed US$ 750 billion and are expected to cross US$ 760 billion this year.

• It is a policy document which is a continuation of time-tested schemes facilitating exports.. Earlier FTP 2015-20 was working.
• It is based on principles of ‘trust’ and ‘partnership’ with exporters. The policy emphasizes export promotion and development, moving away from an incentive regime to a regime which is facilitating, based on technology interface and principles of collaboration.
• The key features of the policy include ease of doing business, reduction in transaction cost and e-initiatives. Automatic approval of various permissions under Foreign Trade Policy based on process simplification and technology implementation.

Question:

Q.1 What is the key approach of the Foreign Trade Policy 2023? 

a. Incentive regime 

b. Facilitating regime 

c. Both a and b

d. None of the above