DGFT Introduces Automated System for Adhoc Input-Output Norms in Foreign Trade

ENA Sectors 2024-06-21 16:20:58 New Delhi, Jun 21 (KNN) In a significant move to streamline foreign trade procedures, the Directorate General of Foreign Trade (DGFT) has unveiled a new automated system for establishing adhoc input-output norms. This development, announced on Thursday, marks a pivotal shift in India's approach to export-import regulations. Under the new system, exporters can now import duty-free raw materials or inputs for manufacturing export goods through an advanced authorisation scheme. This initiative provides manufacturers with unprecedented flexibility in their operations. The automated process allows exporters to apply for customised adhoc norms when standard norms don't meet their specific requirements. This rule-based, system-driven approach is expected to significantly enhance efficiency and simplify the licensing process. Previously, the DGFT relied on fixed standard input-output norms for various products to issue licenses for duty-free imports. The new system represents a departure from this rigid structure, offering a more adaptable framework for exporters. This move aligns with the broader objectives of the Foreign Trade Policy 2023, which emphasises the modernisation of trade systems through automation and rule-based processes. The policy also introduces post-issuance audit capabilities and risk mitigation functions, aiming to create a more transparent and efficient foreign trade environment. Industry experts believe this initiative will boost India's export competitiveness by reducing bureaucratic hurdles and allowing manufacturers to optimise their production processes more effectively. As India continues to position itself as a major player in global trade, such reforms are crucial in enhancing the ease of doing business and attracting foreign investment. The DGFT's latest move is seen as a significant step towards achieving these goals and fostering a more dynamic export sector. (KNN Bureau) 38299 https://knnindia.co.in/news/newsdetails/sectors/dgft-introduces-automated-system-for-adhoc-input-output-norms-in-foreign-trade 2024-06-21 16:20:58 knnindia.co.in DGFT Introduces Automated System for Adhoc Input-Output Norms in Foreign Trade