Page 2 - Foreign Trade Policy

Govt eases norms to avail benefits under advance authorisation scheme

The government on Monday simplified norms for exporters to avail benefits of an advance authorisation scheme under which free imports of input materials are allowed. The Directorate General of Foreign Trade (DGFT) implements this scheme under the Foreign Trade Policy. The eligibility of inputs is determined by sector-specific norms committees based on input-output norms. To make the norms fixation process more efficient, the DGFT said that it has created a user-friendly and searchable database of ad-hoc norms fixed in the previous years. These norms can be used by any exporter without approaching the norms committee, it added. The database is hosted on the DGFT website (https://dgft.gov.in) and allows users to search using export or import item descriptions, technical characteristics, or Indian tariff classification codes. "This trade facilitation measure simplifies the advance authorisation and norms fixation process, resulting in shorter turnaround times for exporters, improved

At 5.74% CAGR, exports growth dismal in last nine years

he Foreign Trade Policy (FTP) 2015-20 targeted doubling of exports of goods and services from $466 billion in 2013-14

Challenging SC judgment on validity of pre-import condition may not succeed

Exporters complain that some authorities are talking of applicability of the pre-import condition for advance authorisations issued during that period

Get real with targets

The credibility of foreign trade policies will improve if they are not obsessed with setting export targets

DGFT lays out procedure for exporters to apply for amnesty scheme

The commerce ministry on Monday laid out a procedure for applying for amnesty scheme for one-time settlement of default in export obligation by certain exporters. The directorate general of foreign trade (DGFT), under the ministry, directed the regional authorities to process any such applications within three working days. "Application for AA (advance authorisation)/EPCG (export promotion for capital goods) discharge/closure shall be filled online by logging onto the DGFT website and navigating to services," the DGFT said in a policy circular. The government announced the new foreign trade policy (FTP) on March 31. It included an amnesty scheme for exporters for one-time settlement of default in export obligation by the holders of advance and EPCG (export promotion for capital goods) authorisations. Under the scheme, all pending cases of the default in meeting export obligation (EO) of certain authorisations can be regularised by the authorisation holder on payment of all customs

DGFT should make good notable omissions

Hopefully, communications will follow on these issues

Key FTP changes that didn't find mention in the highlights

Generally speaking, the new FTP continues with the same old provisions under the major export promotion schemes

New foreign trade policy to aid exports via e-com, farm equipment: Experts

The new Foreign Trade Policy (FTP) 2023, announced recently, will help in promoting exports of sectors from e-commerce, batteries for electric vehicles and farm equipment, experts said on Tuesday. India on March 31 came out with the new policy which aimed at pushing rupee trade, increasing outward shipments to USD 2 trillion by 2030, and promoting e-commerce exports, amid global uncertainties. Rumki Majumdar, Economist at Deloitte India, said that the policy emphasises on the manufacturing and export sectors with a long term view. Sectors such as batteries for EVs, green hydrogen, and garment, amongst others will benefit from the policy, she said, adding that with over 80 per cent of trade being done in the USD, encouraging trade in Indian rupee will be a relief. "It will also add to its resilience to external shocks and improve negotiating capabilities in international trade," Majumdar said. Shashi Mathews, Partner at IndusLaw, said that through the policy, the government's focus

New trade policy continues with old schemes

The new policy gives no specific period for its validity or any expiry date, but it can be amended anytime

Online monitoring portal to give 'Districts as Export Hubs' plan a leg-up

The idea will be to monitor the process of the district-wise export plan across all 750 districts across the country, and enable the states and DGFT regional authorities to upload all information

Foreign trade policy: Exporters seek 3 months from Centre for transition

In case there is a change in the policy, the transition time in that case will help the exporter execute the contract, giving some certainty for the exporter

India's foreign trade set to cross $1.6-trn mark this fiscal: Report

India's foreign trade is expected to cross the USD 1.6 trillion mark this fiscal despite global economic uncertainties, economic think tank GTRI said in a report. The Global Trade Research Initiative (GTRI) said the USD 1.6 trillion would be about 48 per cent of India's nominal GDP of USD 3.4 trillion for the fiscal year ending March 2023. The higher trade-to-GDP ratio also speaks of high trade openness which the country practices, GTRI co-founder Ajay Srivastava said. According to their analysis of the data by the think tank, the growth rate in the exports of services would be higher than that of goods. Higher growth rate in services exports compared to the outbound shipments of goods has improved overall performance of India's exports, he said. India's overall exports of goods and services during April-March 2023 are estimated to reach USD 755 billion, exhibiting a positive growth of 11.6 per cent over the same period last year (April-March 2022). The report said that India's

Work in progress

Foreign trade policy must engage with realities of world trade

Online platform soon for amnesty scheme benefits: DGFT SK Sarangi

'There are other sectors, such as engineering goods, agriculture, food processing, where the potential is very high'

New foreign trade policy seeks to spur rupee trade, e-com exports

New policy is in line with government's priority towards moving from an 'incentive-based regime' to a 'remission and entitlement-based regime', thereby making the policy compliant with WTO rules

Govt's new foreign trade policy set to boost domestic manufacturing

Apart from that, under the policy, e-commerce as export hubs (ECEH) will be set up through private initiative or in public-private partnership (PPP) mode, in partnership with the states or the Centre

Govt releases Foreign Trade Policy 2023, eyes $2 trn export target by 2030

India is likely to end this fiscal year with total exports of $760-770 billion as against $676 billion in FY22

Government to unveil new Foreign Trade Policy 2023-28 on Friday: Ministry

India will unveil its much-awaited new Foreign Trade Policy 2023-28 on Friday, with a view to boost exports amid slowing global trade. Commerce and Industry Minister Piyush Goyal will announce the foreign trade policy, according to the ministry. The current foreign trade policy (2015-20) is in force till March 31, 2022. The term of the previous five year policy had ended in March 2020. However, it has been extended repeatedly in wake of Covid outbreak and resulting lockdowns. The last extension was given in September 2022 till March 31, 2023. Goyal will announce the foreign trade policy which is expected to outline the vision statement for taking India's goods and services exports to USD 2 trillion by 2030. The country is likely to end this fiscal year with total exports of USD 760 billion as against USD 676 billion in 2021-22. India's trade has been hit by supply chain disruptions and slowdown in global trade amidst ongoing Russia-Ukraine war. Sources said the new policy is li

New foreign trade policy may not bank on incentives to boost exports

Set to be unveiled on Friday, it is likely to focus on export hubs, e-com

No new incentive plan for services exports under foreign trade policy

Services exports, however, grew over 36 per cent in February at $29.15 billion, according to the Department of Commerce's estimates