Main Points of India’s Foreign Trade Policy 2023-28
Highlights of India’s Foreign Trade Policy 2023-28
The comments based on the talk by Directorate General of Foreign Trade on presentation of India’s Foreign Trade Policy. The policy document should be studied to validate the main feature.
- It is India’s Foreign Trade Policy 2023 (& not 2023-28). There is no end date for the policy.
- India’s Foreign Trade Policy would be dynamic and would be changed on need based
- Sectors like Textile/Dairy/Green sectors is focused.
- Special Advance authorization for certain sectors.
- Self-ratification for 2-star export house for input output norms.
- Lower fees for Micro, Small and Medium Enterprises for application for some scheme.
- No Incentive (Merchandise Exports from India Scheme (MEIS) and the Service Exports from India Scheme) but only remission (like RoDTEP) would continue (which is WTO compliant)
- Advance Authorization/ Duty free import Authorisation scheme/ Export Promotion Capital Goods would continue.
- One day approval for approval (AA, Export Promotion Capital Goods), revalidation and extension of export obligations. (Instead of three days to one months’ time).
- Lower Threshold limits for Star Exports house
- Focus on Merchant Trading (buying from third country and selling to 3rd country without touching borders). (But Reserve Bank of India, The Foreign Exchange Management Act, regulations should be relaxed. This needs to be seen).
- Four additional towns of excellence (apart from earlier 39 towns of excellence)
- District Export Promotions committee to facilitate exports headed by DC of the district coordinated by the Regional Office of Directorate General of Foreign Trade.
- Boost to E-commerce. Courier exports limits increase from INR 5,00,000/- to INR 10,00,000/-.
- There should be E-commerce Export hub and training for small E-commerce exporters. Tech support for E-commerce to linking with Banks for financing.
- INR Trading to continue.
- Amnesty scheme for default of Advance authorization/ Export Promotion Capital Goods. Interest limited to 100% of Basic Customs Duty and No interest on Special Additional Duty & Additional Customs Duty.
**********************************************************
If this article has helped you in any way, i would appreciate if you could share/like it or leave a comment. Thank you for visiting my blog.
Legal Disclaimer:
The information / articles & any relies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do noy constitute legal advice or legal opinions. The information / articles and any replies to the comments are intended but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as a legal advice or an indication of future results. Therefore, i can not take any responsibility for the results or consequences of any attempt to use or adopt any of the information presented on this blog. You are advised not to act or rely on any information / articles contained without first seeking the advice of a practicing professional.