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Govt. vows swifter nod for exporters

  • Published
    1st Apr, 2023
Context

Union Commerce, Industry and Textiles unveiled a new Foreign Trade Policy 2023.

Features of New Foreign Trade Policy 2023:

  • It replaced the extant policy that had been in place since 2015.
  • Aim: New policy aims to almost triple India’s goods and services exports to 2 trillion dollars by 2030, from an estimated 760 billion dollars in 2022-23.
  • No Sunset date:
  • The new policy will have no sunset date and will be tweaked based on the emerging world trade scenario and industry feedback.
    • While the policy will be open-ended, the schemes sanctioned under it will be time bound.
  • One time Amnesty: The new FTP is introducing a one-time Amnesty Scheme for exporters to close the old pending authorizations and start afresh. 
  • New growth areas: Opening up a new area of potential exports, the policy has included “merchanting trade” within its ambit.
    • Exporters in India can source goods from another country and send them to a third country without touching Indian shores.
    • This will also enable exports of restricted goods.
  • Advance authorization Scheme:
  • A Special advance authorisation scheme is being launched for the clothing and apparel sector so that they can react to market demands and fashion trends faster.
    • Other mechanisms like star ratings to recognise exporters will be rejigged to lower qualification thresholds.
  • Towns of Export Excellence:
    • Four towns in Uttar Pradesh — Faridabad, Moradabad, Mirzapur and Varanasi — were announced as centres of export excellence for their performance in the apparel, handicrafts, handmade carpets and handlooms, respectively.
    • The new trade policy will make all the PM Mitra textile parks eligible to get benefits as common services providers.

 

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