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Foreign Trade Policy
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Bikky Khosla | 12 Dec, 2017
The Government last week came out with the mid-term review of India's Foreign Trade Policy (FTP). Originally slated for issue earlier in July, the policy came a bit late, but it came with good news. Releasing the FTP, the Commerce Minister said the focus of the new policy is the labour-intensive MSME sectors. Additionally, the emphasis is on 'Ease of Trading' across borders, new products and new markets, maintenance of quality standards to succeed in the international market, and so on. All these sound good.
The policy revision will certainly facilitate India's exports. There is an across-the-board increase of 2 percent in existing MEIS for exports by MSMEs/labour incentive industries. This will provide a much-needed relief to the SME export sectors -- including handicrafts, leather, carpets, marine, tools, etc -- which have been facing stiff competition from other countries. Additionally, SEIS incentives are also raised by 2 percent, and this step will definitely help our services exporters. It is also good to see that the new policy also restores the earlier benefits provided under various schemes of duty-free imports like EPCG and advanced authorization.
One of the important features of the mid-term review of the FTP is the focus on promoting the sunrise sectors along with employment intensive sectors. Similarly, creation of new Logistics Division in the Department of Commerce is a good step as this move is expected to bring down the logistics cost in the country. The new Agricultural Export Policy is also encouraging. Exporters should also get a big relief due to the procedural simplification to replace IEC by PAN. In addition, I think small steps like doing away with the testing of samples for drawback purpose and e-sealing facility for exporters will go a long way to increase ease of doing business.
Overall, the mid-term review of India's FTP looks like a well-thought out one. Particularly, there are big incentives for a number of SME populated sectors like ready-made garments and made-ups, leather and footwear articles, handmade carpets, agriculture and related products, marine products, services including hotel & restaurant, hospital, educational services, etc. Also, there are several micro changes, which are expected to bring some real changes for the export sector at the ground level.
I invite your opinions.
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export of peanut candy or bars- organic agricultural product
P.Krishnasamy | Wed Feb 21 12:30:55 2018
What are all export incentives available for the subject export including duty drawback or any thing for encouraging exporters
Foreign trade Policy
A. P.Ayyappan . | Thu Dec 14 12:21:41 2017
Definetely this will help to increase The Exports In SME Particularly In Textiles, Leather goods Agriculture and engineering sector.
Foreign Trade Policy
BODHISATVA KASTOORIYA | Wed Dec 13 13:26:16 2017
Foreign Trade Policy of a country is the Guide map of its foreign cash reserve,status of credibility in IMF,its future economy ,Trade relationship with its counterpart as well expectations of Exporters too,hence Foreign Trade Policy is the overall picture of GOVT.'S long term planning for investors as well Socio-economic vision
Re : Foriegn trade policy
Amit | Wed Dec 13 09:16:34 2017
Dear sir
Nothing is going to work out untill government honestly refund the IGST amount paid by exporters who are waiting to get refund of July amd onwards month. And government is claiming that they have started refunds but in actual it is still pending with government blocking huge capital of exporters. So do you think increase in MEIS going to help when exporters dont have capital left to run business
Use less
Nissan | Wed Dec 13 04:01:55 2017
Government will come with policy but when it comes to their team to give incentives we have to pay them first to get our incentives. Bloody corrupted politics.
Pre qualification for MSME sectors.
R S MANI IYER | Wed Dec 13 02:07:10 2017
The maximum amount fixed for awarding the MSME UNIT should be raised from the existing amount on Plant and Machinery , at least by 100%, since it is not possible to generate employment and still continuously retain them, with the ECONOMIES OF SCALE in production is raised and achieved. Hence the maximum amount for qualification to become MSME UNIT should be raised by 100%. This demand is due to practical ethos in running an Industry, due to higher production cost, increased wages, following the rules of law religiously etc.
it will really boost up production and open export avenues. ALL CITIZENS OF INDIA SHOULD LEARN TO WORK HARD AND DO NOT INDULGE IN UNPRODUCTIVE ACTIVITIES AND SHOULD EARN MONEY THROUGH HARD LABOUR, BEST SUITED FOR THEM, AND SHOULD SPEND THEIR TIME EVEN AT OLD AGE PRODUCTIVELY, LIKE IIN CHINA. IF CHINA CAN PRODUCE A PRODUCT AND SELL IN INDIA MUCH CHEAPER THAN AN INDIAN MANUFACTURED PRODUCT, IT IS SHAME FOR OUR OWN INDUSTRY AND COUNTRY.(e.g. Fans, Sewing Machines, Fridge, and even writing Paper. Hence the concerned Ministry should take up the subject and discuss about the current position about each such ITEM and take remedial measures, even involving those Industrialists who are manufacturing such PRODUCT so that over all PRODUCTIVITY can go up, ECONOMIC PROSPERITY IS ACHIEVED.
PRODUCE MORE AND HIGHER PRODUCTIVITY SHOULD BE THE WATCH WORD in respect of all items, be it may Steel, Paper, Cement, Sugar, Oil, Cloth, White Goods, Quality Education.Thanks
indian economices
md sulaiman | Tue Dec 12 10:47:58 2017
not yous
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