Iit delhi excellence foundation, College in Tiruchirappalli, India

Mumbai (Maharashtra) [India], April 4 (/PNN): Welcoming the New Foreign Trade Policy 2023, Shri Sunil Patwari, Chairman, TEXPROCIL said "The FTP 2023 provides continuity with a responsive framework and progressive, growth oriented and in the right direction".One of the key highlights of the FTP 2023, Shri Patwari said, is that the FTP has no end date with allowance provided for any dynamic or real time amendments. He also added that other Policy features like moving from incentives to remission, focussing on Export Promotion through collaboration with exporters, states, districts and Indian Missions, promoting ease of doing business and emphasising on emerging areas like e-commerce and export hubs will provide necessary relief to the exporters who are badly hit due to the various disruptions in the economic activities.The FTP has further introduced the New Amnesty Scheme for one-time settlement of defaults in export obligation by Advance and EPCG authorisation holders. The Government's approach to bring digitization of applications related to Advance Authorisation/EPCG/DFIA/Import & Export Licensing, automatic system-based approvals of applications, reduction of application fee for Advance Authorisation & EPCG Schemes for MSMEs will improve the ease of doing business and reduce transaction costs for exporters and thus provide a renewed thrust for new growth areas.He also welcomed the decision of the Government in revising the export performance threshold as it will ensure higher recognition and brand image for Status Holders and reduce transaction cost incurred by the exporters.Patwari also said that the move to make Indian rupee a global currency and allowing international trade settlement in the domestic currency will help in internationalizing the Indian currency in the long run. To boost merchanting activity from India, provision for merchanting trade has been introduced under FTP which will make India a trade hub. The FTP benefits have been extended to e-commerce exports, which are estimated to grow to USD 200-300 billion by 2023.Though there are many initiatives in the FTP 2023 that are positive and in the right direction addressing many of the issues faced by exporters, there are still some areas that need to be addressed immediately to promote exports of cotton textiles.Patwari urged the Government for enhancing the time period for availing Pre & Post Shipment Credit to exporters, removal of import duty on Raw Cotton, re-instatement of Interest Equalization Scheme to original levels of 3 per cent for 410 items and 5 per cent SME units along with cotton yarns and fibres, increase in RoDTEP rates for certain categories of made-up products (Home Textiles) falling under Chapter 94 and extend the facility of duty-free imports of trimmings, embellishments and other specified items to exporters of made-ups.www.texprocil.orgThis story is provided by PNN. will not be responsible in any way for the content of this article. (/PNN)Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Iit Delhi Excellence FoundationFOLLOW

Iit delhi excellence foundation, Latest News

New Delhi, April 4 Former India opener Virender Sehwag believes Chennai Super Kings skipper MS Dhoni doesn't go ... ...

New Delhi [India], April 4 : Sri Lankan President Rl Wickremesinghe has sought India's help in policy reforms, utilisation ... ...

New Delhi [India], April 4 (/PNN): Modern customers' perceptions of finance have changed because of fintech. Fintech startups created ... ...

New Delhi, April 4 India on Tuesday assured Bhutan of help to support its upcoming 13th five-year plan ... ...

The Game-Changer in Skill-Based Financial Education New Delhi (India), April 4: Mumbai-based entrepreneur, Mr Himanshu Mayne, revolutionizes finance education with ... ...

New Delhi [India], April 4 (/PNN): The leading AI-powered online student platform MSM Unify and ETS, the world's largest ... ...

Mumbai, April 4 Singer Bappa Lahiri, son of late music composer Bappi Lahiri, says 'Disco Dancer-The Musical' is ... ...

Mumbai (Maharashtra) [India], April 4 (/PNN): Welcoming the New Foreign Trade Policy 2023, Shri Sunil Patwari, Chairman, TEXPROCIL said ... ...