India’s vision to be a $2T export market by 2030 and other top picks of the week
The government has put an end to the five-year foreign trade policy, and has come out with a dynamic and responsive trade policy without any end date. Read more to know about this and other SMB stories of the week.
Commerce and Industry Minister Piyush Goyal on Friday revealed the Foreign Trade Policy (FTP) 2023 with a focus on boosting exports. The aim is to establish the Indian Rupee as a world currency, incentivise ecommerce exports, and escalate India's shipments to $2 trillion by 2030.
FTP 2023 strives to shift from an 'incentive to remission' based system, promoting collaboration between exporters, states, districts, and Indian Missions. This fiscal year, India is expected to surpass $765 billion in merchandise and services exports, an increase of more than 13% from FY22's $676 billion.
Goyal also highlighted India's immense potential for export growth and emphasised the need to increase its share in the global supply chain and exports manifold, in alignment with Aatmanirbhar Bharat.
Other top picks of the week:
FG Glass
In the 1970s, Fakhruddin and Sajjad Husain founded a business centered around glass. They started with selling mirror frames from a small shop in Mumbai and later expanded into glass trading.
"At that time, not many people were involved in glass import," Tariq Kachwala, Director of FG Glass, shared with SMBStory.
As they gained momentum, they faced tough competition from established players such as Asahi and Guardian, who began making float glass in India.
To overcome this, the Kachwala brothers shifted their focus to importing more innovative glass products like ultra-clear and jumbo-sized glasses.
As the business grew, the second generation of the family, comprising Suhel, Nuruddin, and Tariq Kachwala, took over the reins and expanded into the glass processing industry.
In 2005, FG Glass was founded, and it is now a Mumbai-based glass processing company that creates low carbon footprint and energy-efficient structures in the architectural space. The company has a global clientele from 25 countries, making it the second company in the family-run Fishfa group.
Tru Hair & Skin
In India, warm oil application to the hair is an old Ayurvedic practice that is believed to improve hair health and stimulate blood circulation on the scalp. However, this tradition is gradually fading due to the tedious process of heating the oil.
To address this issue, MS Harsha founded Tru Hair & Skin in 2020, with initial investment from its sister company, Med Manor. After two years of research, the Hyderabad-based company developed its first patented oil heater for customers.
According to Harsha, the absorption of nutrients is better when blood circulation improves. Tru Hair & Skin’s oil is made with natural ingredients and was created with the help of Ayurvedic experts.
The company employs around 55 people, including eight Ayurvedic doctors.