FTP 2023 to foster Indian exports and make India a stronger economy – SIMA
The Foreign Trade Policy 2015-20 got extended till 31st March 2023 owing to prolonged Corona lockdown and its consequential impact. The Government has now announced a growth-oriented and unique Foreign Trade Policy (FTP) that would come into effect from 1st April 2023. For the first time, FTP has been announced as an open Policy without any closing period, continuity in all schemes, flexibility to address various issues then and there and making it more exporter friendly.
In a Press Release issued here today, Mr. Ravi Sam, Chairman, The Southern India Mills’ Association (SIMA) has highly appreciated the Hon’ble Prime Minister, Shri Narendra Modi, Hon’ble Union Minister of Finance, Smt.Nirmala Sitharaman and Hon’ble Union Minister of Commerce, Industry and Textiles, Shri.Piyush Goyal for announcing the unique Foreign Trade Policy with path breaking initiatives. He has appreciated the Government for continuing the EPCG scheme and Special Advance Authorization Scheme for the textiles and clothing industry as the industry heavily depends on import of textile machinery and also raw materials to bridge the gap in the supply-demand, thereby enabling import of speciality raw materials that are not manufactured in the country. Mr. Ravi Sam has said that this would greatly help the textiles and clothing industry to sustain its global competitiveness.
SIMA Chairman has thanked the Government for announcing an Amnesty Scheme, a long pending demand of the industry, to settle the unfulfilled obligations under Advance Authorization Scheme and EPCG Scheme. He has said that capping interest to 100%, excluding additional and special additional duty from the export obligation, waiving penalty, etc., would greatly benefit the textiles and clothing industry especially the spinning sector to get relieved from long pending disputes and problems. Money transactions in Indian Rupee with certain countries would not only increase the exports, but also reduce the risk in forex rate volatility thus helping to settle the international trade disputes, says Mr. Ravi Sam. He has appreciated the Government policy to shift from subsidy era to duties remission era, thus implementing WTO-compatible schemes such as Production Linked Incentive Scheme, RoDTEP to enhance the global competitiveness of the exporters. He has said that decentralizing the export promotion activities by making each district as an export hub with e-commerce and inclusive growth initiative, would greatly benefit the MSME exporters as this segment accounts over 80% of the textiles and clothing value chain. Mr. Ravi Sam has said that FTP 2023 has come up with numerous features enabling Ease of Doing Business.