NEW DELHI: The government on Friday unveiled a new Foreign Trade Policy (FTP) seeking to push e-commerce, internationalise the rupee and offer amnesty to those who have been unable to meet the export obligation targets under the Export Promotion Capital Goods (EPCG) and advance licensing schemes.
Announcing the new policy, commerce and industry ministry Piyush Goyal said he was hopeful that export of goods and services would cross $2 trillion by 2030, against an estimated $760-765 billion this year, while nudging the goods exporters to catch up with services, which is growing at a faster clip.
The government also sought to provide a thrust to ‘merchanting’ that will allow businesses to purchase goods from one country and export to another, without hitting Indian shores. Unlike the past, when FTPs were announced for five years, this time there is no sunset date, with the government promising periodic review to ensure that the regime remains flexible and responds to the needs of businesses.
FTP: Govt plans e-comm export hubs, digital skills
New Delhi: The new Foreign trade policy (FTP) 2023 has outlined a host of measures to boost the growth of e-commerce exports, estimated to touch about $200-$300 billion by 2030.
Among steps being taken, the government seeks to set up designated e-commerce export hubs, train scores of small e-commerce exporters on ways to navigate online platforms and formulate guidelines to facilitate further exports under e-commerce. “There is a greater thrust on emerging areas (in the FTP) which have a huge export potential. E-commerce exports has a lot of potential,” said Director General of Foreign Trade (DGFT) Santosh Sarangi.
The government said that it will extend all FTP benefits to e-commerce exports and in the next six months will undertake enablement of IT systems in department of commerce, post and CBIC. “IT enablement will allow e-commerce players to avail different kind of export benefits and also link them up with the banking system,” Sarangi said.
Besides, the value limit for exports through courier has been increased to Rs 10 lakh per assignment from the earlier limit of Rs 5 lakh. “After gathering feedback from e-commerce firms, if required, we will either increase this limit or do away with his limit in the future,” said Sarangi.
“We are also coming up with guidelines which will be incorporated in our FTPs in the future based on an inter-ministerial committee’s recommendation for further facilitating e-commerce exports,” added Sarangi, while asserting that the government will create a lot of ‘facilitating provisions’ including enablement of e-commerce exports hubs to “ensure that the aspiration of $200-300 billion of e-commerce exports are facilitated.”
Export excellence: Moradabad, Varanasi
The new Foreign Trade Policy has added Faridabad, Moradabad, Mirzapur and Varanasi to the list of towns of export excellence (TEE), expanding the coverage of TEEs from the already existing 39 centres. While Faridabad has been identified for its performance in apparel exports, Moradabad has been recognised for handicrafts. Mirzapur and Varanasi have been identified for handmade carpet and dari and handloom and handicrafts respectively. TEEs are essentially industrial clusters which are recognised based on their export performance. Towns producing goods worth Rs 750 crore or more can be recognised as TEE. However for TEE in handloom, handicraft, agriculture and fisheries sector, threshold limit is Rs 150 crore.
Announcing the new policy, commerce and industry ministry Piyush Goyal said he was hopeful that export of goods and services would cross $2 trillion by 2030, against an estimated $760-765 billion this year, while nudging the goods exporters to catch up with services, which is growing at a faster clip.
The government also sought to provide a thrust to ‘merchanting’ that will allow businesses to purchase goods from one country and export to another, without hitting Indian shores. Unlike the past, when FTPs were announced for five years, this time there is no sunset date, with the government promising periodic review to ensure that the regime remains flexible and responds to the needs of businesses.
FTP: Govt plans e-comm export hubs, digital skills
New Delhi: The new Foreign trade policy (FTP) 2023 has outlined a host of measures to boost the growth of e-commerce exports, estimated to touch about $200-$300 billion by 2030.
Among steps being taken, the government seeks to set up designated e-commerce export hubs, train scores of small e-commerce exporters on ways to navigate online platforms and formulate guidelines to facilitate further exports under e-commerce. “There is a greater thrust on emerging areas (in the FTP) which have a huge export potential. E-commerce exports has a lot of potential,” said Director General of Foreign Trade (DGFT) Santosh Sarangi.
The government said that it will extend all FTP benefits to e-commerce exports and in the next six months will undertake enablement of IT systems in department of commerce, post and CBIC. “IT enablement will allow e-commerce players to avail different kind of export benefits and also link them up with the banking system,” Sarangi said.
Besides, the value limit for exports through courier has been increased to Rs 10 lakh per assignment from the earlier limit of Rs 5 lakh. “After gathering feedback from e-commerce firms, if required, we will either increase this limit or do away with his limit in the future,” said Sarangi.
“We are also coming up with guidelines which will be incorporated in our FTPs in the future based on an inter-ministerial committee’s recommendation for further facilitating e-commerce exports,” added Sarangi, while asserting that the government will create a lot of ‘facilitating provisions’ including enablement of e-commerce exports hubs to “ensure that the aspiration of $200-300 billion of e-commerce exports are facilitated.”
Export excellence: Moradabad, Varanasi
The new Foreign Trade Policy has added Faridabad, Moradabad, Mirzapur and Varanasi to the list of towns of export excellence (TEE), expanding the coverage of TEEs from the already existing 39 centres. While Faridabad has been identified for its performance in apparel exports, Moradabad has been recognised for handicrafts. Mirzapur and Varanasi have been identified for handmade carpet and dari and handloom and handicrafts respectively. TEEs are essentially industrial clusters which are recognised based on their export performance. Towns producing goods worth Rs 750 crore or more can be recognised as TEE. However for TEE in handloom, handicraft, agriculture and fisheries sector, threshold limit is Rs 150 crore.
