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India’s Foreign Trade Policy (FTP) 2023 was announced on 1st April 2023. As stated by the Minister of Commerce Sh. Piyush Goyal, FTP 2023, is a dynamic, open-ended policy accommodating emerging needs. It aims to increase exports and seeks to take India’s exports to 2 trillion dollars by 2030. The four pillars on which the FTP 2023 stands are Incentive to Remission, Export promotion through collaboration, Ease of Doing Business, and Emerging Areas.
India’s Foreign Trade Policy is a policy document based on the continuity of time-tested schemes facilitating exports. It is also a document that is quick and responsive to trade requirements. India’s trade Policies are based on the principles of ‘trust’ and ‘partnership’ with exporters.
Let’s discuss India’s Trade policies for 2023 in detail.
This will not be eligible for the reduced Export Obligation requirement under the EPCG Scheme.
India’s Foreign Trade Policy 2023 is a dynamic policy. It aims to boost India’s exports and promote growth in the coming years. It focuses on technology interface and ease of doing business. This policy is expected to facilitate the growth of the export industry. It will also create a favorable environment for MSMEs and other businesses to access export benefits. India’s Foreign Trade Policy of 2023 is expected to take India’s exports to new heights making India emerge as a global leader in the export industry.
The four pillars on which the FTP 2023 stands are Incentive to Remission, Export promotion through collaboration, Ease of Doing Business, and Emerging Areas. This blog will discuss the critical aspects of India’s Trade Policies that Foreign Businesses need to know.
India’s trade policy is crucial as it maintains a mutual agreement of wants and requirements during trading. It is a policy guideline regarding import and export trade.
India’s Foreign Trade Policy aims to enable substantial growth in exports from India and import to India to boost the economy.
Foreign Trade Policy is a legal document issued by the Government of India and is enforceable under the Foreign Trade Development and Regulation Act of 1992.
The complete form of TEE in India’s Trade Policy is Towns of Export Excellence.
The purpose of the Amnesty Scheme under India’s Foreign Trade Policy is to address default on Export Obligations and provide relief to exporters who cannot meet the obligation under the EPCG and Advance authorization scheme.
Merchanting Trade means the shipment of goods from one foreign country to another foreign country without touching the Indian ports.
Read Our Article: All about New Foreign Trade Policy 2021-26
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