The Indian government on 31st March, 2023 announced the new Foreign Trade Policy (FTP) 2023 proving to be a boost to exports amid slowing global trade. The FTP 2015-20 was extended due to the COVID-19 pandemic and the conflict in Europe in an attempt to respond dynamically to the emerging situations. The new foreign trade policy outlines the vision to take India’s goods and services exports to $2 trillion by 2030.
MAIN ASPECTS OF FTP-2023
- Incentive to Remission
- Ease of doing business, reduction in transaction cost and e-initiatives
- Export promotion through collaboration – Exporters, States, Districts, Indian Missions
- Emerging Areas – E-Commerce Developing Districts as Export Hubs and streamlining SCOMET policy
KEY HIGHLIGHTS OF FTP-2023
A. DIGITAZATION PROCESS
- Digitization of Applications pertaining to FTP: All Export promotion schemes processes for managing the lifecycle of AA/EPCG/DFIA/Import/Export Licensing has been made
completely paperless and online.
- Automatic System-Based Approval of FTP Applications: Rule-based automatic approval systems using Business Analytics Tools has been implemented by DGFT. The
same has been introduced for Advance Authorization Extension/Revalidation Applications.