New Delhi [India], March 25 (ANI): The Government has taken various proactive measures aimed at enhancing domestic capacities, boosting exports, diversifying supply chains, exploring alternate sources of imports and fostering economic resilience, the Minister of State for the Ministry of Commerce & Industry, Jitin Prasada, informed the Lok Sabha in a written reply on Tuesday.
Quoted by the Ministry of Commerce & Industry in a release, the MoS informed the Parliament that the Foreign Trade Policy, effective from April 01, 2023 is designed to integrate India more effectively into the global market, improve trade competitiveness, and establish the country as a reliable and trusted trade partner.
The MoS said that assistance is being provided through several schemes to promote exports, namely, the Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme.
The MoS said that the establishment of 65 Export Facilitation Centres (EFCs) will provide requisite mentoring and handholding support to exporters, especially MSMEs, in exporting their products and services to foreign markets.
The Rebate of State and Central Levies and Taxes (RoSCTL) Scheme to promote labour-oriented certain items of textiles sector export has been implemented since March 07, 2019, he added.
Remission of Duties and Taxes on Exported Products (RoDTEP) scheme has been implemented since January 01, 2021. The benefit of RoDTEP scheme had also been extended to sectors like steel, pharma and chemicals in effect from December 15, 2022 to enhance export competitiveness of these sectors, the ministry added in the release quoting the MoS.
Currently, 10,642 tariff lines (8-digit ITC(HS) Codes) are covered under this Scheme. The budget allocation for RoDTEP Scheme for the current financial year 2024-25 is Rs. 16,575 crores. The benefits of the RoDTEP scheme have also been extended to exports from Domestic Tariff Area (DTA) units till September 30, 2025, as per the MoS.
A Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase Free Trade Agreement (FTA) utilisation by exporters.
The government has also launched Districts as Export Hubs initiative by identifying products with export potential in each district, addressing bottlenecks for exporting these products and supporting local exporters/manufacturers to generate employment in the district.
The Government has launched the Trade Connect e-Platform as an information and intermediation platform for international trade, bringing together Indian Missions Abroad and officials from the Department of Commerce and other organisations to provide comprehensive services for both new and existing exporters.
The active role of Indian missions abroad towards promoting India’s trade, tourism, technology and investment goals has been enhanced, the MoS added in the written reply.
He further added that the regular monitoring of export performance with Commercial Missions abroad, Export Promotion Councils, Commodity Boards/Authorities and Industry Associations is being done, and corrective measures are being taken from time to time.
With the changing trade scenario, India is moving towards having Preferential/Free Trade Agreements (PTA/FTA) wherein customs tariffs and non-tariff barriers are reduced or eliminated on substantial trade items between the PTA/FTA members, he added.
According to the MoS, at present, India is a member of 13 FTAs and 9 PTAs apart from the negotiations with the EU, the UK, and Oman. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages
