Page 5 - Foreign Trade Policy

Will meet $1-trn export target by '25, says Goyal; industry seeks more help

The Board of Trade, under the Department of Commerce, comprises senior officials of key ministries, representatives of states and industry and trade promotion bodies

Exporters seek extension of tax benefits for cross-border e-commerce

Exporters on Wednesday suggested to the government a series of steps, including extension of fiscal benefits to SEZ units, presumptive tax for cross-border e-commerce and free trade pacts with countries like the US and UK, to boost domestic manufacturing and outbound shipments. These recommendations were made by the Federation of Indian Export Organisations (FIEO) at a meeting of the Board of Trade (BOT) which was chaired by Commerce and Industry Minister Piyush Goyal. Other suggestions included permitting duty free import of equipment required for R&D and product development; setting up of a Niryat Vishwavidyalay; extension of interest subsidy scheme in the new foreign trade policy; and immediate release of GST and drawback funds. Further, the federation recommended refund of GST to foreign tourists, RoDTEP (Remission of Duties or Taxes on Export Products) scheme covering all products; and amnesty scheme for schemes prescribing export obligation. FIEO Director General Ajay Sahai .

Top headlines: Tata sons to raise stake in AirAsia; Serum seeks damages

From Tata Sons raising stakes in AirAsia to putting off artillery import embargo, here are top headlines this morning

PLI expansion, duty remission on table at trade meeting over FTP

The five-year policy will be crucial in the post-pandemic era as India focuses on reviving economic activities

IEC not required for services exporters claiming no FTP benefits: Expert

Section 28DA of the Customs Act requires an importer to possess sufficient information about origin of imports, where preferential tariff treatment has been claimed.

AEPC hails move to allow N95 mask exports, says will fetch Rs 1,000 cr a yr

The council says decision will also help clear Rs 464 cr in RoSL claims

CAG recommends automation of foreign trade promotion schemes adminsitration

Currently, duty benefits are provided under two key trade promotion schemes -- Merchandise Export from India Scheme (MEIS) for goods, and Services Export from India Scheme

CII calls for early FTP to raise India's global export share to 5% by 2025

The Confederation of Indian Industry (CII) has also outlined a 10-point agenda for increasing India's exports of goods and services in line with the prime minister's vision of an Aatmanirbhar Bharat

Govt extends foreign trade policy, other export benefits for one year

Currently, tax benefits are provided under the Merchandise Export from India Scheme for goods and the Services Export from India Scheme).

Foreign trade policy, schemes to be extended by 6 months till Sept 30

Some more measures are also expected to be provided to exporters to ease strain caused by the outbreak.

Laudable move by Pharmexcil

The Pharmexcil came up with clarifications for its members and representations to the government highlighting some difficulties

Need more regional trade deals, tax exemption for SEZs: CII report

The report has suggested full income tax exemption for 10 years be provided to units in Special Economic Zones, lower cost of credit for exporters, and fast-paced growth in high-tech shipments

Commerce Min hears stakeholder demands for next FTP to boost exports

The current policy will end in March 2020. The new five-year foreign trade policy (2020-25) is expected to be released in September this year

One hobbled step forward

The existing Foreign Trade Policy (FTP) allows MEIS benefits for such shipment by EOU and SEZ units

Board of Trade to meet stakeholders on Feb 15 over new foreign trade policy

BoT advises the government on policy measures related to the foreign trade policy in order to boost the country's trade

Under new FTP, exporters may get incentives based on R&D, specific clusters

Since 2011-12, India's exports have been hovering at around $300 billion

India's trade with neighbours only 31% of total potential: World Bank

Currently, India's actual trade in South Asia accounts for $19.1 billion which is just three per cent of its total global trade at $637.4 billion and around $43 billion below the potential

Intensive care for exports

India has to meet several challenges, at the structural and policy level, to boost exports

Do we need more strategy making?

In the past few months, the Trump administration in America States has raised tariffs on many goods

Govt working on new schemes for next foreign trade policy to boost exports

The ministry has recently released the mid-term review of the current foreign trade policy