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The new Foreign Trade Policy, which will take effect on April 1, 2023, was unveiled on March 31, 2023, with the goal of fulfilling the 2 trillion-dollar export objective by 2030, with 1 trillion dollars coming through merchandise trade. Notwithstanding the COVID epidemic and the world’s unpredictable condition, India’s exports have increased from $435 billion to $760 billion. Nonetheless, Indian exports remain insignificant in contrast to global exports. The new strategy prioritizes lowering transaction time and cost, encouraging exports, and assisting exporters.
The objective of the policy is summarized in the five Ds: Duration, Dynamic, Direction, Decentralization, and Disaster Proof.
The main objective of the new Foreign Trade Policy is to reduce the transaction time and cost for exporters. To achieve this, the policy proposes to implement an online automatic approval system. Under this method, new advance authorizations, EPCG authorizations, revalidations, and extensions of the advance authorizations’ export obligation periods will all be granted the same day. This will be adopted initially as a pilot program, and if it is successful, it will be expanded over the entire nation.
The application fees for various authorizations have been substantially reduced. This will make it easier and more affordable for exporters to apply for these authorizations.
The policy also introduces the E-Certificate of Origin and Self-certified Certificate of Origin. This will make it easier for exporters to obtain the required certificates, which will help to reduce the transaction time and cost.
The policy proposes to introduce an automatic export obligation discharge and paperless authorization system. This will make it easier for exporters to fulfill their export obligations and obtain the required authorizations. The system will be fully automated, which will help to reduce the transaction time and cost.
The new Foreign Trade Policy (FTP) announced by the Indian government aims to promote exports and facilitate ease of doing business for manufacturers and exporters. The various measures introduced in the policy such as exemption for dairy sector, inclusion of new products under Green Technology, and extension of benefits to the textile and apparel sector will support these industries and help enhance their exports. The introduction of the amnesty scheme and self-certification process for exporters will also streamline the process and reduce the burden on businesses. With these initiatives, the government is taking steps towards realizing its goal of making India a hub for exports and boosting its economic growth.
Also Read:All about New Foreign Trade Policy 2021-26New Foreign Trade Policy will come into effect from April 01, 2021
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