It’s unfortunate that an accounting exercise like the Union Budget gets massively disproportionate coverage while the Foreign Trade Policy – with a five times longer lifecycle – gets mostly ignored.
The Dollar Business Bureau | @TheDollarBiz
With the countdown for the FTP having already begun and it having the potential to make or mar our prospects of ache din, we decided to talk to the real stakeholders – from CEOs to attorneys – to get a sense of what they want and expect from the new policy, which will help India achieve that elusive $500 billion/annum export figure as early as possible. Click on each of the following topics to read our extensive coverage.
All we need to do is get focus back in our Focus Schemes and promote only what is relevant.
Like any other business activity, ‘exports’ too needs hand-holding. And trying to provide a helping-hand to Indian exporters at every step is the Government of India, with a plethora of schemes – from providing assistance to states for infrastructure development to providing incentives for specific goods in specific markets. However, it seems there’s a lack of focus in many of these schemes, which is defeating the very purpose they were created for. With the new Foreign Trade Policy round the corner, it’s time the government picks up the scrutiny lens. Read more
When it comes to Indian exporters, a bulk of the exemptions, incentives and remissions they avail are covered under the ambit of duty exemption and remission schemes. Although they have been immensely successful in helping the growth of Indian exports, they have, without a doubt, their own issues which needs to addressed on an urgent basis. Read more
Imbibing the idea that even services can be exported should not be that difficult, isn’t it?
If India is considered a serious player in the export of something, without a doubt it is Services. But although we are ranked 6th in the world in Services exports, our exports in CY2013 were less than a quarter of that of the top exporter – US. Add to this the fact that even to achieve this very generous incentives were provided for over a decade to the main component within Services – Information Technology. But what about others? The government needs to focus on other services as well if it really wants India to become a true Services powerhouse. Read more
Ever since the EPCG scheme was launched to increase the export of finished goods by making the import of capital goods cheaper, it has seen several rounds of tinkering. There’s also a growing feeling that pre-export schemes like EPCG are difficult to monitor and prone to manipulation. Is it time to do away with this popular, complicated scheme? Or will the new FTP make matters simpler? Read more
If one has to pick just one industry that has truly transformed India and the perception about India in the western world, it has to be the Information Technology. From providing well-paying jobs to millions, to enhancing India’s brand equity – the IT sector has been a game changer. But with increasing clamour from within the IT industry and other sectors for the government to continue, increase and extend sops, it’s time to draw a line. The question is where? Read more
There’s no point just deeming them as exports. It’s about time we treat them as exports too.
A culture that credits a little squirrel carrying grains of sand to have contributed in Lord Rama building the bridge to Lanka, it’s only logical that even those who supply goods to end-exporters are also considered as exporters! Named Deemed Exports, the idea behind the scheme is to incentivise all who play a part, however little it might be, in the growth of exports from India. But is it happening? Read more
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