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FTP working towards making Indian rupee a global currency: Experts

Union Minister of Commerce and Industry Piyush Goyal on Friday launched the Foreign Trade Policy 2023. Speaking on the occasion he stated that India’s overall exports, including services and merchandise exports, has already crossed $750 billion and is expected to cross $760 billion as of 2022-23 end.

The FTP 2023 aims at process re-engineering and automation to facilitate ease of doing business for exporters. It also focuses on emerging areas like dual use high end technology items under SCOMET, facilitating e-commerce export, collaborating with states and districts for export promotion. Greater faith is being reposed on exporters through automated IT systems with risk management system for various approvals in the new FTP. FTP 2023 outlines the intent and roadmap for establishing e-commerce hubs and related elements such as payment reconciliation, book-keeping, returns policy, and export entitlements. FTP 2023 has introduced provisions for merchanting trade of restricted and prohibited items under export policy, which would now be possible. This will be subject to compliance with RBI guidelines.

The government is introducing a special one-time Amnesty Scheme, which is intended to provide relief to exporters who have been unable to meet their obligations under EPCG and advance authorizations, and who are burdened by high duty and interest costs associated with pending cases. The interest payable is capped at 100% of these exempted duties under this scheme.  However, no interest is payable on the portion of additional customs duty and special additional customs duty and this is likely to provide relief to exporters as interest burden will come down substantially.

FICCI President Subhrakant Panda said, “Introduction of new elements in the foreign trade policy, especially e-commerce, internationalization of Indian rupee, district exports hub, merchanting trade reform and special one-time amnesty scheme are welcome steps.”

Dr A Sakthivel, Federation of Indian Export Organisations, President, said that the new FTP is designed to facilitate greater trade, boost manufacturing, promote exports, further enable ease of doing business and also work towards making Indian Rupee a global currency, adding further impetus to India’s emergence as the global trading hub. Facilitation of e-commerce exports will help in further adding about  $200-300 billion exports to our basket.

PR Newswire

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