India’s Foreign Trade Policy (FTP) aims to enhance exports and manage trade deficits through several strategic measures. Recent steps include:

1. Export Promotion Schemes:
   • Merchandise Exports from India Scheme (MEIS): Provides duty credit scrips to exporters, offsetting infrastructural inefficiencies and costs.
   • Service Exports from India Scheme (SEIS): Rewards service providers, boosting India’s global service sector competitiveness.
2. Product and Market Diversification:
   • Focus on identifying new markets and diversifying export products to reduce reliance on traditional markets.
   • Initiatives to boost high-potential sectors like pharmaceuticals, engineering goods, textiles, and agriculture.
3. Trade Infrastructure:
   • Trade Infrastructure for Export Scheme (TIES): Develops export infrastructure.
   • National Logistics Policy enhances logistics and reduces transaction costs.
4. Ease of Doing Business:
   • Simplification of export and import procedures through digital initiatives like the e-Sanchit and e-BRC (Bank Realisation Certificate) systems.
   • Implementation of the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme to replace MEIS, ensuring compliance with WTO rules.

These steps reflect India’s forward vision to improve exports, boost economic growth, and better manage trade deficits.