Expectations are that the new FTP will make exporting from India easier.

The proposed Foreign Trade Policy (FTP) is set to be announced at the end of this month . The new Foreign Trade Policy (2022-2027) will put an end to Indias decline in global services exports .

New Delhi (India), September 23: The proposed Foreign Trade Policy (FTP), which is set to be announced at the end of this month, is expected to concentrate on enhancing the ease with which India can export products from abroad, according to industry body PHD Chamber of Commerce and Industry President Pradeep Multani.Given the growing importance of E-Commerce exports, the PHDCCI has been advocating for a specific strategy chapter for the same.PHDCCI has also proposed a simpler model of Duty Exemption under section 25 of the Customs Act, in which self-declaration is subjected to some oversight, as shown by IGCR (Import of Goods at Concessional Rate of Duty).If this is impossible, PHDCCI had suggested and presented a detailed explanation for simplifying the existing Duty Exemption scheme itself, in which details of Exports and Import items must not be provided in the beginning.

Multani said that the Export Promotion Capital Goods (EPCG) scheme has been very successful both in increasing industrialisation and encouraging manufacturers to expand exports and explore newer markets.At this stage, we expect the scheme to continue, he said.Multani also noted that although the RoDTEP system was supposed to handle various duties and taxes outside of the GST, which ultimately became the cost of exports, it was unable to do so due to various irregularities, limits, and very low rates.PHDCCI suggested that RoDTEP be applied to particular exporters, i.e., based on actual duty suffered by the particular exporter, akin to Brand rate of Duty Drawback.Multani said that the new Foreign Trade Policy (2022-2027) will put an end to India's decline in global services exports.