ANI
31 Mar 2023, 17:57 GMT+10
New Delhi [India], March 31 (ANI): The Foreign Trade policy (FTP) 2023, which was released on Friday will make exporters more competitive, said Santosh Sarangi, the Director General of Foreign Trade (DGFT).
Talking to ANI on the sidelines of the release of FTP 2023, Sarangi said, "Our exporters should adopt the principles of self-reliant India and try to be competitive in the global market. It has also been seen that incentives were given to exporters, but if the people in the supply chain do not work to straighten them, then there is no impact. So there is a lot of thrusts given on Production Linked Scheme (PLI), National Logistics Policy".
"Gradually our suppliers will be more competitive and our logistics cost will come down. This will make our exporters more competitive globally. If you see the last two-and-a-half years, more thrust has been given on this," he added.
Talking about the focus given on trading in India Rupee by the foreign countries in FTP 2023, Sarangi said that at present, special Vostro accounts are being opened with the approval of the RBI and the Central Bank of that country.
"Around 30 Vostro accounts have been opened in 60 banks in 18 countries. As soon as this special Vostro account is opened, the importers and exporters will come to know about it and transactions in rupee will increase," he said.
He further added, "International Trade Settlement in INR allowed and changes introduced in the FTP 2023 for grant of export benefits and fulfilment of export obligation for export realizations in INR as per RBI".
The FTP 2023 has also talked about formulating policies for e-commerce export hubs.
Talking about the e-commerce export hubs, Sarangi said, "An inter-ministerial committee is working for e-commerce. The officials from the Department of Revenue, Department of Posts, and Commerce Ministry are working together on this".
"The idea behind the e-commerce export hub is to facilitate processing, packaging, and to simplify the return policy, how to facilitate its banking channel," he added.
FTP 2023 estimates have suggested that e-commerce exports are expected to grow to 200-300 billion USD by 2030.
"Designated zone with warehousing facility to be created, designed to help e-commerce aggregators for easy stocking, customs clearance and returns processing. Processing facility to be allowed for last mile activities such as labelling, testing, and repackaging. Simplified return process into the zone," the FTP 2023 stated. (ANI)Get a daily dose of Herald Globe news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Herald Globe.
More InformationDHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
ZAGREB, Croatia: A massive concert by popular Croatian singer Marko Perković, known by his stage name Thompson, has drawn widespread...
WASHINGTON, D.C.: Elon Musk's entry into the political arena is drawing pushback from top U.S. officials and investors, as his decision...
CULVER CITY, California: TikTok is preparing to roll out a separate version of its app for U.S. users, as efforts to secure a sale...
WASHINGTON, D.C.: President Donald Trump claimed he was unaware that the term shylock is regarded as antisemitic when he used it in...
PARIS, France: A strike by French air traffic controllers demanding improved working conditions caused significant disruptions during...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
(Photo credit: Nathan Ray Seebeck-Imagn Images) Masataka Yoshida is expected to be in the lineup when the Boston Red Sox try to complete...
(Photo credit: Steven Bisig-Imagn Images) After a week of angst that saw them fall out of first place in the American League East,...
(Photo credit: Mitch Stringer-Imagn Images) New York Mets outfielder Juan Soto might be trying to prove a point this week after he...
(Photo credit: Denis Poroy-Imagn Images) Luis Arraez homered in the seventh inning to break up a scoreless tie Tuesday night and...
(Photo credit: Sergio Estrada-Imagn Images) Lawrence Butler homered twice and Nick Kurtz belted his first career grand slam to lead...