Govt. vows swifter nod for exporters

Vikas Dhoot

New foreign trade policy aims at tripling goods and services exports by 2030; apart from a one-time amnesty, no major schemes announced

 Govt. vows swifter nod for exporters

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Saturday, 1st April 2023
Page No. 3
Chennai Print Edition

Union Commerce, Industry and Textiles Minister Piyush Goyal on Friday unveiled a new foreign trade policy that moves away from providing incentives to exporters, but lowers a few costs for smaller firms and promises swifter clearances, along with a one-time amnesty scheme for export obligation defaults.

Replacing the extant policy that had been in place since 2015, the new policy kicks in from 2023-24 and aims to almost triple India’s goods and services exports to $2 trillion by 2030, from an estimated $760 billion in 2022-23.

India’s exports were $435 billion in 2015-16 when the previous policy was introduced and have grown nearly 75% to an estimated $760 billion in 2022-23, Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said.

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.

There are no major new schemes, barring a one-time amnesty under the existing Advance Authorisation and Export Promotion Capital Goods (EPCG) schemes, that allow imports of capital goods subject to specified export obligations.

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