New export promotion scheme introduced for AEOs
By TIOL News Service
NEW DELHI, DEC 06, 2017: UNLIKE in the past the Release of Revised FTP is no big bang news. Although the total incentives promised under the various export promotion schemes is about Rs 8000 Crore to the Exchequer but the industry and trade are not impressed. All the benefits under the GST were decided earlier by the GST Council. There are very little new inputs in the revised FTP.
Nonetheless the policy has unfoled a new scheme of Self-Assessment based duty free procurement of inputs required for exports. There will be no need of Standard Input Output Norms in such cases and this will eliminate delays. It is based on trust. Exporters will self-certify the requirement of duty free raw materials/ inputs. The scheme would initially be available to the Authorized Economic Operators (AEOs) and will get expanded as more exporters join the AEO program. The scheme will improve ease of doing business.
Some of the facilitation related initiatives have been announced in the policy:
Contact@DGFT service has been launched on the DGFT website (www.dgft.gov.in) as a single window contact point for exporters and importers for resolving all foreign trade related issues and also to give suggestions. Exporters/Importers can track status of their queries through the assigned reference number. Feedback mechanism has also been provided. High level monitoring of disposal is being ensured
A State-of-the-Art Trade Analytics division has been set up in DGFT for data based policy actions. The initiative envisages processing trade information from DGCIS and other national and international databases related to India's key export markets and identify specific policy interventions.
A new Logistics Division has been created in 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 would improve India's ranking in the Logistics Performance Index (LPI) and promote exports and enhanced growth.
Focus will be given to Ease of Trading across borders. A professional team to handhold, assist and support exporters in their export related problems, accessing export market and meeting regulatory requirements. The team will also examine the procedures and processes in clearances related to trading across borders for their simplification and rationalization and track progress. Dwell time at ICDs, ports and airports is being closely monitored in coordination with Customs, and infrastructure Ministries.