KEY HIGHLIGHTS OF INDIA'S FOREIGN TRADE POLICY 2023

1.  It is Foreign Trade Policy 2023 (and not 2023-28). There is no end date for the policy.

2.  The FTP would be dynamic and would be changed on a need based.

3.  No Incentive (MEIS/SEIS) but only remission (like RoDTEP) would continue (which is WTO compliant)

4.  Advance Authorization/DFIA/EPCG would continue

5.  1 day approval for approval (AA, EPCG), revalidation and extension of export obligations. (instead of 3 days to 1 months time).

6.   Lower fees for MSME for application for some scheme.

7.   Lower Threshold limits for Star Exports house

8.   INR Trading to continue

9.  Focus on Merchant Trading (buying from a third country and selling to a third country without touching the borders). (However, RBI FEMA regulations should be relaxed. This       needs to be seen).

10.  4 additional towns of excellence (apart from earlier 39 towns of excellence)

11.  Sectors like Textile/Dairy/Green sectors are focused.

12.  Special Advance authorization for certain sectors.

13.  Self-ratification for 2 star export houses for input output norms.

14.  Boost to E-commerce. Courier exports limits increase from Rs. 5 lakhs to Rs.10 lakhs.

15.  There should be an E-commerce Export hub and training for small E-commerce exporters. Tech support for E-commerce to link with Banks for financing.

16.  District Export Promotions committee to facilitate exports headed by DC of the district coordinated by the Regional Office of DGFT.

17.  Amnesty scheme for default of Advance authorization/EPCG. Interest limited to 100% of Basic Customs Duty and No interest on Additional Customs Duty and SAD.