The Foreign Trade Policy (FTP) 2023, which aims to boost India‘s exports to USD 2 trillion by 2030, was unveiled at the event, and the minister of commerce also mentioned that the government is concentrating on bolstering the rupee payment system.
To make the Indian Rupee (INR) a universal currency, changes have been made to the FTP to enable the settlement of international trade in INR.
Rupee Payment System
In his remarks to the audience, Commerce and Industry Minister Piyush Goyal offered assurance that the country would reach its export goal of USD 2 trillion by 2030.
He emphasized that no business could succeed solely through subsidies or other aid. According to Goyal, the nation’s perspective on exports will shift over the next few days.
- FTP 2023 aims to boost India’s exports to USD 2 trillion by 2030.
- Santosh Sarangi stated that FTP 2023 has been declared to offer policy continuity and a flexible framework.
- The SCOMET policy places a strong focus on India’s export control through its obligations under various export control regimes.
Director General of Foreign Trade (DGFT) Santosh Sarangi stated that FTP 2023 has been declared to offer policy continuity and a flexible framework.
A one-time settlement of export duty default by holders of Advance Authorization and EPCG Authorization is now permitted under the FTP’s amnesty program.
On payment of all customs duties that were exempted in proportion to unfulfilled EO and interest at the rate of 100% of such duties exempted, all outstanding cases of the default in fulfilling export obligations (EO) of the aforementioned authorizations may be regularised by the authorization holder.
On the part of Additional Customs Duty and Special Additional Customs Duty, however, no interest is due. For simplicity of understanding and compliance by industry, the policy for exporting dual-use items under Special Chemicals, Organisms, Materials, Equipment, and Technologies (SCOMET) has been centralized in one location.
The SCOMET policy places a strong focus on India’s export control through its obligations under various export control regimes (the Wassenaar Arrangement, the Australia Group, and the Missile Technology Control Regime) to regulate the trade in sensitive/dual-use products and technology.
