India’s focus on manufacturing and domestic value addition is gaining momentum, with the recognition of being the Sixth Manufacturing Superpower. Despite a decline in the percentage of manufacturing in GDP, there has been a revival, including a sudden growth in 2021. The sector has shown impressive growth and has attracted...
Director General of Foreign Trade Santosh Kumar Sarangi has said that India’s ambitious target of reaching a US$ 2 trillion trade economy is “not unachievable”. Speaking at the first India Business and Trade Conclave here in New Delhi, the DGFT listed out industries where India’s exports can outshine and also...
India Business and Trade Conclave 2023 featured a series of thought-provoking and insightful sessions, providing an unprecedented deep dive into India’s Foreign Trade Policy 2023 and the trajectory of exports going forward. The highlight of the event, undoubtedly, was the Fireside Chat with Santosh Kumar Sarangi (IAS), Director General Foreign...
After experiencing an estimated 6.9% GDP growth in 2022-23 despite global headwinds, India’s economy is projected to grow at a rate of 7% and expected to be the fastest-growing economy in FY ’24. IBT looks at important developments and policy changes at the close of 2022-23 and what the current...
The Amnesty Scheme under FTP 2023 allows all pending cases of default to be regularized by paying all customs duties that were exempted in proportion to unfulfilled Export Obligation. No interest is payable on the portion of Additional Customs Duty and Special Additional Customs Duty, providing relief to exporters burdened...
Foreign Trade Policy (FTP) 2023 has highlighted measures to extend benefits to e-commerce exports, identifying it as a key thrust sector. The new age policy targets to attain around US$ 200-300 billion in e-commerce exports by 2030, and will soon frame guidelines on the topic. A wide range of outreach...
The new merchanting policy, as mentioned in the Foreign Trade Policy 2023, will now allow trade of restricted items without touching Indian shores. The tweak in policy will be beneficial to merchants, helping them access lucrative opportunities as well as conserve their business interests. Photo Source: Shutterstock New Delhi, April...
On Friday, Commerce and Industry Minister Piyush Goyal unveiled a ’dynamic and responsive’ Foreign Trade Policy 2023. After two years, the new FTP carries objective of raising the country’s outward shipments to US$ 2 trillion by 2030, through various initiatives that include pushing rupee trade and incentivising e-commerce exports. Schemes...
India’s share in global exports has grown marginally from 1.6% to 1.7% during 2015-19, with both exports and imports growing at a CAGR of 5.2%. The upcoming FTP needs to focus on growing India’s share in high-tech products and fuel investment-led export growth, while addressing the decline in competitiveness of...
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