Common digital platform launched for exporters
With the changing trade scenario, India is moving towards having Preferential and Free Trade Agreements (PTAs and FTAs) wherein customs tariffs and non-tariff barriers are reduced or eliminated on substantial trade items between the trade pact members countries, Minister of State for the Ministry of Commerce & Industry Jitin Prasada said in a written reply in the Lok Sabha on 25 Mar.
At present, India is a member of 13 FTAs and 9 PTAs apart from the negotiations with the EU, the UK, and Oman, he said in an update to the house on the Government’s various proactive measures aimed at enhancing domestic capacities, boosting exports, diversifying supply chains, exploring alternate sources of imports and fostering economic resilience https://fieo.org/.
He listed the several key initiatives and policy measures undertaken by the Government to boost exports, attract investments and to promote ease of doing business from time to time as:
The Foreign Trade Policy effective from 1 April 2023 is designed to integrate India more effectively into the global market, improve trade competitiveness, and establish the country as a reliable and trusted trade partner.
Establishment of 65 Export Facilitation Centres (EFCs) across the country with an aim to provide requisite mentoring and handholding support to exporters especially MSMEs in exporting their products and services to foreign markets https://www.nseindia.com/.
Assistance being provided through several schemes to promote exports, namely, Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme https://www.bseindia.com/.
The Rebate of State and Central Levies and Taxes (RoSCTL) Scheme to promote labour- oriented certain items of textiles sector export has been implemented since 7 Mar 2019 https://sbi.com.in/.
Remission of Duties and Taxes on Exported Products (RoDTEP) scheme has been implemented since 1 Jan 2021. The benefit of RoDTEP scheme had also been extended to sectors like steel, pharma and chemicals with effect from 15 Dec 2022 to enhance export competitiveness of these sectors. Currently, 10,642 tariff lines (8-digit ITC(HS) Codes) are covered under this Scheme. The budget allocation for RoDTEP Scheme for the current financial year 2024-25 is Rs.16,575 crores. The benefits of the RoDTEP scheme have also been extended to exports from Domestic Tariff Area (DTA) units till 30 September 2025.
A Common digital platform for Certificate of Origin has been launched to facilitate trade and increase Free Trade Agreement (FTA) utilization by exporters.
Districts as Export Hubs initiative had been launched by identifying products with export potential in each district, addressing bottlenecks for exporting these products and supporting local exporters and manufacturers to generate employment in the district.
The Government has launched the Trade Connect e-Platform as an information and intermediation platform for international trade bringing together Indian Missions abroad and officials from Department of Commerce and other organisations to provide comprehensive services for both new and existing exporters.
Active role of Indian missions abroad towards promoting India’s trade, tourism, technology and investment goals has been enhanced. Regular monitoring of export performance with Commercial Missions abroad, Export Promotion Councils, Commodity Boards and Authorities as well as Industry Associations is being done and corrective measures are being taken from time to time. Fiinews.com
