MSMEs assured support, DGFT releases Mid-Term review of Foreign Trade Policy
New Delhi, Dec 6 (KNN) With a postponement of the pending mid-term review of the Foreign Trade Policy (FTP) that was earlier supposed to be released with the Goods and Service Tax (GST) implementation, the Directorate General of Foreign Trade (DGFT) yesterday announced the review, highlighting the focus of the framework to be on the Micro, Small and Medium Enterprises (MSMEs).
The key highlights of the policy includes the FTP focussing on the Micro, Small and Medium Enterprises and the labour intensive sectors including agriculture, a release from the Commerce Ministry informed.
The government announced revised incentive figure of 4,567 crores for goods exports and 1,140 crores for the exports of services.
This added figure comes after the government recently announcing incentives to the ready-made garments sector.
Also other highlights include introducing self-certification scheme for duty free imports.
The Ministry also notified that in order to solve the problem of blocked working capital for exporters in the aftermath of the implementation of GST, the export promotion schemes of duty free imports under advanced authorization are restored.
With regard to the facilitation of trade, a new tab on the official DGFT website has been announced in order to make available a common contact point for exporters and importers to resolve the foreign trade relation issues.
Also a new logistics division has been institutionalised the Department of Commerce to develop and co-ordinate integrated development of the logistics sector, by way of policy changes, improvement in existing procedures, identification of bottlenecks and gaps, and introduction of technology based interventions in this sector.
These steps are likely to improve India’s ranking in the Logistics Performance Index (LPI) and promote exports and enhanced growth, the release added.
(With PIB Inputs) (KNN/DA)