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GTRI Outlines Key Economic Strategies For New Government's First 100 Days

Updated: Apr 04, 2024 04:35:37pm

GTRI Outlines Key Economic Strategies For New Government's First 100 Days

New Delhi, Apr 4 (KNN) The Global Trade Research Initiative (GTRI) has outlined essential steps for the new government's initial 100 days in a recent statement on Wednesday, emphasising the simplification of e-commerce rules, strategic disbursement of duty refunds, and bolstering India's trade infrastructure.

GTRI Founder, Ajay Srivastava, suggests streamlining regulations related to e-commerce exports to enable more than 20 lakh Indian firms to tap into global markets. 

By simplifying rules governed by RBI, banking, Customs, GST, and DGFT, businesses could swiftly venture into exporting a wide array of products including handicrafts, jewellery, ethnic wear, decorative paintings, and ayurvedic goods.

The think tank underscores the importance of disbursing duty refund incentives in cash, rather than as e-scrips, particularly for small enterprises. 

By merging schemes like RoDTEP with Drawback and directly crediting exporters' bank accounts, liquidity for small firms can be improved without additional financial strain on the government.

GTRI advocates for the creation of a National Trade Network to centralise export-import compliance processes online. 

This initiative aims to simplify interactions with customs, DGFT, shipping companies, ports, and banks, ensuring faster response times and smoother operations.

The think tank calls for a comprehensive assessment of India's 14 Free Trade Agreements (FTAs) and six smaller trade agreements to gauge their impact on exports. 

Additionally, it recommends preparing an action plan to counter adverse effects of European climate regulations and trade measures, safeguarding India's export interests.

Highlighting the urgency, GTRI warns against India's increasing reliance on Chinese imports, particularly in crucial sectors like electric vehicles (EVs) and manufacturing components. 

The organisation urges proactive measures to curb this dependence and foster indigenous production.

(KNN Bureau)


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