The government has decided to examine the popular export promotion scheme -- the Export Promotion Credit Guarantee Scheme -- to prevent its misuse in the wake of a car import scam coming to light recently.
The government on Friday came out with Foreign Trade Policy (FTP) 2023 which seeks to boost the country's exports to $2 trillion by 2030 by shifting from incentives to remission and entitlement based regime. Unlike the practice of announcing 5-year FTP, the latest policy has no end date and will be updated as and when needed, said Director General of Foreign Trade (DGFT) Santosh Sarangi while briefing media about FTP 2023. Earlier, Commerce and Industry Minister Piyush Goyal unveiled FTP 2023 which will come into effect from April 1, 2023.
The government on Thursday tweaked curbs on imports of laptops and computers as it allowed importers to bring in shipments of IT hardware from overseas on a mere 'authorisation' upon detailing quantity and value. The new 'import management system' is aimed at monitoring shipments of laptops, tablets and computers into the country without hurting market supply or creating a cumbersome licensing regime. The announcement is likely to provide relief to companies in the IT hardware segment in India as they had flagged concerns over the imposition of a strict licensing regime for importers.
Enthused by over 20 per cent export growth this year, the Exim policy to be unveiled on March 31 will contain far reaching measures to encourage exports of textiles and gems and jwellery
Introduced in 2015 under the Foreign Trade Policy, the mega MEIS was created out of a merger of five existing reward schemes.
The government on Wednesday extended the existing foreign trade policy (FTP) for six more months up to September 30 this year due to the Covid-19 pandemic, according to a notification. FTP provides guidelines for enhancing exports to push economic growth and create jobs. On March 31, 2020, the government had extended the Foreign Trade Policy 2015-20 for one year till March 31, 2021, amid the coronavirus outbreak and the lockdown.
The zero-duty EPCG scheme is in addition to the 3 per cent EPCG scheme that was introduced last year.
Commerce and Industry Minister Piyush Goyal on Monday said the existing foreign trade policy (FTP) will be extended for six months till March 31 next year. The government had earlier extended the FTP 2015-20 until September 30 this year due to the Covid-19 crisis. The FTP provides guidelines for enhancing exports to push economic growth and create jobs.
The initiatives announced by Commerce and Industry Minister Anand Sharma as part of the annual supplement to the Foreign Trade Policy are aimed at pushing exports which declined by 1.76 per cent to $300.6 billion during 2012-13 and pushed up the trade deficit to $190.91 billion.
It appears that the focus of commerce minister Anand Sharma, when he unveils the new foreign trade policy, will be to eliminate unnecessary paperwork and thereby help reduce transaction costs for exporters, while retaining the basic framework of the present FTP.
The government on Wednesday tightened norms for import of high end cars and sports utility vehicles by hotels, travel agents and tour operators following reports of misuse of tax concessions available on import of vehicles for tourism.
The measures are part of a package of nine concessions that were suggested by the commerce ministry around eight weeks ago and are awaiting cabinet approval.
The Foreign Trade Policy Supplement released by the commerce ministry on Friday extended the (Duty Entitlement Pass book) DEPB scheme till May 2009. The exports for 2007-08 will exceed $155 billion, Commerce and Industry Minister Kamal Nath said. The government has set an export target of $200 billion for the year 2008-09.
'The manufacturing sector and the capital goods industry need all the support that the government can provide, because they are working in a global market where trade restrictions are coming down every day,' says Amar Kaul.
It is after the GST Network tallies invoice details with shipping bills that the refund claims can be processed. So, the refund could be delayed by over a month.
The new foreign trade policy is considered to be less effective.
Neutrality and jurisdiction in international trade need to be discussed threadbare before GST is implemented in India.
Foreign Trade Policy: More incentives for exports, focus on ease of trading
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