Here are some of the latest updates on import-export policies and regulations in India:
- New Foreign Trade Policy (FTP): The Indian government has recently announced a new five-year Foreign Trade Policy (FTP) that aims to boost exports and create jobs. The new policy includes several measures such as increasing the export credit, simplifying procedures for exporters, and providing incentives for MSMEs (Micro, Small, and Medium Enterprises) to enhance their export capabilities.
- Changes in Custom Duties: The Indian government has revised the custom duties on several products to promote domestic manufacturing and curb imports. Some of the key products that have seen changes in custom duties include mobile phones, electronic components, furniture, and toys.
- Export Promotion Capital Goods (EPCG) Scheme: The Indian government has extended the Export Promotion Capital Goods (EPCG) scheme to March 31, 2022, to encourage the export of capital goods. The scheme allows exporters to import capital goods at zero customs duty for their production purposes, subject to export obligations.
- Digital Initiatives: The Indian government has launched several digital initiatives to simplify export and import procedures and reduce paperwork. One such initiative is the Electronic Sealing of Containers, which enables exporters to self-seal their containers, thereby reducing inspection time and cost.
- Free Trade Agreements (FTA): India has signed several FTAs with countries such as Japan, South Korea, and ASEAN (Association of Southeast Asian Nations) to enhance trade relations and boost exports. These agreements provide Indian exporters with preferential access to these markets and reduce trade barriers.
In conclusion, India’s import-export industry is evolving rapidly, and it is crucial for businesses to stay updated on the latest policies and regulations. By keeping abreast of the latest developments, businesses can capitalize on new opportunities and navigate the challenges posed by the dynamic global trade environment.
