Monday, 23 November 2015

FOREIGN TRADE POLICY 2015


The new foreign trade policy 2015-2020 is kept ready to make necessary shape after forming new Government,on 1st of April, 2015. However, the validity of Foreign Trade Policy 2015-2020 will be with effect from  the first notification at the time of  declaration of FTP 2015-20.   The FTP 2015-20 comes in to force with effect from 01st April 2015. 
Changes in schemes and incentives are expected in new Foreign Trade Policy 2015-20. However, the status quo might be maintained under some of the schemes. The priorities of policies taken by new government also are likely to be incorporated in new Foreign Trade Policy 2015-2020 (FTP 2015-20).

The new Foreign Trade Policy 2015-2020 (FTP 2015-20) is made product wise and location wise and tried to maximize the foreign trade from the country. Although some exporters could not make benefit out of Foreign Trade Policy of 2009 -14, those exporters can contact local office of Director General of Foreign Trade DGFT to get assistance.

Pre policy suggestions to Foreign Trade Policy 2015-2020 (FTP 2015-20)have been sent from different government departments concerned, Export Promotion Councils, Commodity Boards, Manufacturer’s associations, Traders forum, and other export promotion agencies of government and non government to the concerned authorities to shape new Foreign Trade Policy 2015-2020. Customs and Banking related matters also have been updated after discussing all concerned to mold Foreign Trade Policy 2015-2020 (FTP 2015-20) in such a way to safeguard exporters of the county by resolving their previous issues under Foreign Trade Policy. Federation of Indian Exporters Association has submitted their reports in regional wise to strengthen the contents of new Foreign Trade Policy 2015-2020 (FTP 2015-20). We expect most of the recommendations and suggestions on the issues have been incorporated in new foreign trade policy 2015-2020 (FTP 2015-20).

The Foreign Trade Policy 2015-2020 has been designed by including long term and medium term strategy to boost overall growth of India’s foreign trade by enhancing trade competitiveness.




By implementing Foreign Trade Policy FTP 2015-2020 (FTP 2015-20), the India’s share in world trade is expected to double from the present level of 3% by the year 2020. By taking measures for import substitution at one side, the forthcoming Foreign Trade Policy 2015-2020 (FTP 2015-20) focuses on increasing exports at the present scenario of increasing current account deficit CAD. We also expect, the new Foreign Trade Policy 2015-2020 (FTP 2015-20) includes necessary measures to boost productivity and earn exportable surplus at competitive rates in exports.

HIGHLIGHTS

Increase exports to $900 billion by 2019-20, from $466 billion in 2013-14
Raise India's share in world exports from 2% to 3.5%.
Merchandise Export from India Scheme (MEIS) and Service Exports from India Scheme (SEIS) launched.
Higher level of rewards under MEIS for export items with High domestic content and value addition.
Chapter-3 incentives extended to units located in SEZs.
Export obligation under EPCG scheme reduced to 75% to Promote domestic capital goods manufacturing.
FTP to be aligned to Make in India, Digital India and Skills India initiatives.
Duty credit scrips made freely transferable and usable For payment of custom duty, excise duty and service tax.
Export promotion mission to take on board state Governments
Unlike annual reviews, FTP will be reviewed after two-and-Half years.
Higher level of support for export of defence, farm Produce and eco-friendly products.

1 comment: