Highlights of Foreign Trade Policy 2023

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 the policy continuity and a responsive framework * Approach of FTP: From Incentive to Remission * Introduces scheme for 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.