New FTP | Effective 01.04.2023

Ministry of Commerce and Industry has launched the Foreign Trade Policy (FTP) 2023 effective 01st April'23.

The policy aims :

a. to respond to emerging trade needs through four pillars, including incentive to remission and promoting exports through collaboration.

b. to focus on ease of doing business and emerging areas like e-commerce and developing districts as export hubs.

c. to streamline processes and facilitate exports through automation, technology.

Key features of the policy :

a. introduction of a one-time Amnesty Scheme,

b. "Towns of Export Excellence Scheme," The policy designates four new towns as towns of export excellence: Faridabad, Mirzapur, Moradabad, and Varanasi.

c. There is no end date of this policy unlike earlier FTP policies. It would be updated as an when needed or as per the Industry representations.

The overall goal of the policy is to build trust and partnerships with exporters while continuing with existing schemes.

We at DAccountants would be sharing the key changes/impact sector wise so as to reap the maximum benefit out of new #ftp policy.

https://www.linkedin.com/posts/ca-kuldeep-lodha-77b43052_foreign-trade-policy-2023-activity-7047855670624227328-4mJC?utm_source=share&utm_medium=member_desktop