India's new Foreign Trade Policy : Prof. Rakesh Mohan Joshi. In the Foreign Trade Policy for the years announced in April . The new foreign trade policy aims to double India's exports to $ The long awaited Foreign Trade Policy ('the. FTP' or 'the policy') has been announced by the government. The highlights of the policy.
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The list of services and the rates of rewards would be reviewed later.
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They can be used for payment of custom duty, excise duty and service tax. To encourage them specific promotional measures are given.
India New Foreign Trade Policy -
These measures would new foreign trade policy 2015-20 only capitalize on India's strength in these areas new foreign trade policy 2015-20 increase exports but also provide employment. Commerce Minister stated that although exports from SEZs had seen phenomenal growth, significantly higher than the overall export growth of the country, in recent times they had been facing several challenges.
It is hoped that this measure will give a new impetus to development and growth of SEZs in the country. Category A refers to countries with lower trade deficit whereas Category B and Category C include countries with higher trade deficit. The government feels that incentivising trade at two per cent for Category B and Category C will help to reduce the trade deficit.
However, I do not agree with that. The same categorisation of countries for all new foreign trade policy 2015-20 lines is inappropriate, as each product has specific target countries for doing business. Even in a sector like electronics manufacturing, components and finished products have different target markets.
Moreover, 45 per cent of the electronics export business is being done with Category A countries. Earlier, companies were availing a per cent incentive on such trade.
25 salient features from new Foreign Trade Policy to push up India's exports - The Economic Times
The new foreign trade policy 2015-20 has now been reduced to zero, even though there is an per cent deficit even in trade with Category A countries. The sector is not looking merely at freeloading incentives or continuous subsidies from the government; its real need is the mitigation of potential bureaucratic and infrastructural hurdles that eventually add to the cost of the final product.
Nothing is heard about it yet. If it is revamped, DGFT should put it on its website.
It was long overdue. Has it been set up?
Banks and shipping companies are to be blamed for this. Shipping companies collect unreasonable charges on various accounts which cannot be passed on to the overseas buyer.
Foreign Trade Policy Unveile
If they do so, our products would become uncompetitive. In the foreign Trade Policythe government says promises to reduce transaction costs of the status holders.
The exporters who export with high level of domestic content get higher level rewards. Benefits of foreign trade policy to export of items up to Rs.