New Delhi: Following are the highlights of Foreign Trade Policy (FTP) 2023 unveiled by Commerce and Industry Minister Piyush Goyal.
* Unlike 5-year policies, FTP 2023 has no end date and to be modified as per need
* FTP to provide policy continuity and a responsive framework
* Approach of FTP: From Incentive to Remission
* Introduces scheme for the remission of duties, taxes and govt levies on export goods
* Digitisation of applications pertaining to FTP
* Automatic system-based approval of FTP applications
* Pilot introduced for cutting processing of applications related to advance authorisation to 1 day
* Norms for recognition as Star Trading Houses eased
* 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
* Focus 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.
PTI
