New FTP Expected to Enhance Ease of Doing Exports from India

The Industry body PHD Chamber of Commerce and Industry (PHDCCI) announced the unveiling of FTP (Foreign Trade Policy) soon which will focus on improving the ease of doing exports from India.

The FTP is projected to be the key to outlining the policy for India to capture a noteworthy share in the world economic system amidst the changing global supply chains, trade, and investment dynamics, said Pradeep Multani, President, PHDCCI. He further explained the various FTP-specific points and some others that are outside FTP but directly related to trading. PHDCCI is looking at identifying and promoting potential products from specific districts. It’s also suggesting simple schemes for duty exemption under section 25 of the Customs Act to streamline and simplify the process.

PHDCCI is suggesting RoDTEP on a specific exporter basis that can implement actual duties suffered by the specific exporter. It is emphasized that the new FTP (2022-2027) will offer renewed leverage to much-needed areas requiring attention to make FTP competitive.