NEW DELHI: The government on Friday announced a new Foreign Trade Policy (FTP) to promote ecommerceinternationalization of the rupee and amnesty for those unable to meet export obligation targets under the Export Incentive Program for Capital Goods (EPCG) and pre-licensing programs.
Announcing the new policy, the Ministry of Trade and Industry Piyush Goyal said he expects that exports of goods and services will exceed $2 trillion by 2030, compared with an estimated $760-765 billion this year, while pushing commodity exporters to catch up on services. is growing at a faster rate.
The government is also seeking to promote ‘trade’ that allows businesses to buy goods from one country and export them to another without reaching the shores of India. Unlike in the past, when FTPs were announced in 5 years, this time there is no end date, with the government promising periodic reviews to ensure that the regime remains flexible and responsive to demand. of the enterprise.
FTP: Government plans e-comm export hubs, digital skills
New Delhi: New Foreign Trade Policy (FTP) 2023 outlines a series of measures to boost e-commerce growth exportestimated to touch around $200-300 billion by 2030.
Among the steps taken, the government seeks to set up designated e-commerce export hubs, train numerous small e-commerce exporters on how to navigate online platforms, and build develop guidelines to facilitate further exports under e-commerce. “There is a bigger push towards emerging regions (in FTP) that have great export potential. E-commerce exports have a lot of potential,” said Santosh Sarangi, Director-General of Foreign Trade (DGFT). .
The government said it will extend all of the benefits of FTP to e-commerce exports and over the next six months will proceed with the implementation of IT systems in the commerce ministry, post office and CBIC. “The IT support will allow e-commerce players to take advantage of different types of export benefits and also link them to the banking system,” said Sarangi.
In addition, the value limit on exports via express delivery has been increased to Rs 10 lakh per transfer from the previous limit of Rs 50,000. “After collecting feedback from e-commerce companies, if required, we will increase this limit or remove his limit in the future,” said Sarangi.
Sarangi added: “We are also working out guidelines that will be included in our FTP in the future based on the recommendation of the inter-ministerial committee to further facilitate e-commerce exports.” terms’ include supporting e-commerce export hubs to “ensure that the desire to achieve $200-300 billion in e-commerce exports is facilitated.”
Excellent Export: Moradabad, Varanasi
The new Foreign Trade Policy has added Faridabad, Moradabad, Mirzapur and Varanasi to the list of Towns of Excellence (TEE), expanding TEE’s coverage from 39 existing centres. While Faridabad is known for its garment exports, Moradabad is recognized for its handicrafts. Mirzapur and Varanasi are respectively known for their handmade carpets and dari, handmade looms and handicrafts. TEEs are essentially industrial clusters that are recognized based on their export performance. Towns that produce goods worth Rs 750 crore or more can be recognized as TEEs. However, for TEEs in the textile, handicrafts, agriculture and fishery sectors, the threshold is Rs 150 crore.
Announcing the new policy, the Ministry of Trade and Industry Piyush Goyal said he expects that exports of goods and services will exceed $2 trillion by 2030, compared with an estimated $760-765 billion this year, while pushing commodity exporters to catch up on services. is growing at a faster rate.
The government is also seeking to promote ‘trade’ that allows businesses to buy goods from one country and export them to another without reaching the shores of India. Unlike in the past, when FTPs were announced in 5 years, this time there is no end date, with the government promising periodic reviews to ensure that the regime remains flexible and responsive to demand. of the enterprise.
FTP: Government plans e-comm export hubs, digital skills
New Delhi: New Foreign Trade Policy (FTP) 2023 outlines a series of measures to boost e-commerce growth exportestimated to touch around $200-300 billion by 2030.
Among the steps taken, the government seeks to set up designated e-commerce export hubs, train numerous small e-commerce exporters on how to navigate online platforms, and build develop guidelines to facilitate further exports under e-commerce. “There is a bigger push towards emerging regions (in FTP) that have great export potential. E-commerce exports have a lot of potential,” said Santosh Sarangi, Director-General of Foreign Trade (DGFT). .
The government said it will extend all of the benefits of FTP to e-commerce exports and over the next six months will proceed with the implementation of IT systems in the commerce ministry, post office and CBIC. “The IT support will allow e-commerce players to take advantage of different types of export benefits and also link them to the banking system,” said Sarangi.
In addition, the value limit on exports via express delivery has been increased to Rs 10 lakh per transfer from the previous limit of Rs 50,000. “After collecting feedback from e-commerce companies, if required, we will increase this limit or remove his limit in the future,” said Sarangi.
Sarangi added: “We are also working out guidelines that will be included in our FTP in the future based on the recommendation of the inter-ministerial committee to further facilitate e-commerce exports.” terms’ include supporting e-commerce export hubs to “ensure that the desire to achieve $200-300 billion in e-commerce exports is facilitated.”
Excellent Export: Moradabad, Varanasi
The new Foreign Trade Policy has added Faridabad, Moradabad, Mirzapur and Varanasi to the list of Towns of Excellence (TEE), expanding TEE’s coverage from 39 existing centres. While Faridabad is known for its garment exports, Moradabad is recognized for its handicrafts. Mirzapur and Varanasi are respectively known for their handmade carpets and dari, handmade looms and handicrafts. TEEs are essentially industrial clusters that are recognized based on their export performance. Towns that produce goods worth Rs 750 crore or more can be recognized as TEEs. However, for TEEs in the textile, handicrafts, agriculture and fishery sectors, the threshold is Rs 150 crore.
