New Delhi: India unveiled its Foreign Trade Policy (FTP) 2023 on Friday after multiple extensions of the previous FTP which was supposed to have been 5-year policy. Following are the highlights from the FTP 2023 unveiled by Commerce and Industry Minister Piyush Goyal.
- Unlike 5-year policies, FTP 2023 has no end date and shall be modified as per need
- It will provide policy continuity and a responsive framework
- The approach of the FTP will be from Incentive to Remission
- It will introduce schemes for remission of duties, taxes and govt levies on export goods
- The applications pertaining to FTP shall be digitized
- Automatic system-based approval of FTP applications will be implemented
- Pilot introduced for cutting processing of applications related to advance authorisation to 1 day
- The policy eases norms for recognition as Star Trading Houses
- Promotes trade in Indian Rupee
- Introduces provisions for merchanting trade
- Faridabad, Moradabad, Mirzapur and Varanasi designated new Towns of Export Excellence
- Dairy sector to be exempted from maintaining average export obligation
- Battery electric vehicles; vertical farming equipment & green hydrogen eligible for reduced obligation under Export Promotion Capital Goods (EPCG) scheme
- Special advance authorization scheme extended for apparel & clothing sector
- Extends all FTP benefits to e-commerce exports
- Value limit for exports through courier service increased from Rs 5 lakh to Rs 10 lakh per consignment
- Focuses on engaging with states & districts through Districts as Export Hubs initiative
- Aims at streamlining export of dual use items under SCOMET policy
- Introduces amnesty scheme for one-time settlement of default in export obligation by advance authorisation and EPCG authorisation holders
- FTP to be dynamic and responsive to the emerging trade scenario
- Restructuring of Department of Commerce on the anvil to make it future-ready
