DGFT moots amendments to MEIS to increase exports from the country
The Dollar Business Bureau The Directorate General of Foreign Trade (DGFT) has come with various amendments for the Merchandise Export from India Scheme with a view to achieve the objective of increasing the exports of the country. The amendments are to be incorporated with immediate effect in exercise to the power conferred under the Foreign Trade Policy 2015-20. The amendment one includes the shifting the group of countries from one to another group in order to facilitate better exports. The countries include Norway, Switzerland, Iceland and Liechtenstein from group C to A and Hong Kong from B to C. The second amendment notified a list of forty two products that would be deleted from the MEIS schedule. The deleted products include ...
When it's paper versus process, process matters!
It's not the count of documents for exports-imports that matters. The process matters. And it's the process that needs trimming... Will DGFT's good intention find purpose in the eyes of other guardians of India's foreign trade? Steven Philip Warner | The Dollar Business There are some things that don't mix. On-time flights and winter fog, religion and politics, ISIS and peace, LGBT rights and IPC Section 377, etc., are just a few. Then there are things that don't mix, but co-exist. Like the mix of class-laden iPhones and Gucci bags and mass-laden China. [Just like an American would have rubbished any claim that Steve Jobs resembled the Chinese Premier when the iPhone first made its way into China ten years ago, ...
'Sabka Saath Sabka Vikas', but not worth the delay
Shakti Shankar Patra | The Dollar Business If one were to react to Modi Sarkari’s new Foreign Trade Policy in one word, it has to be ‘Good’. Not excellent, definitely not. But if the question were if it was worth the delay of almost a full year, the answer would be unequivocally ‘No’. It simplifies processes and procedures for exporters, gives incentives to services exporters that they always deserved and encourages the domestic manufacturing industry, but it doesn’t bring to table anything that can be termed a game changer. Let’s talk a bit more it detail. Merchandise exports have always been incentivised in India. But those incentives used to be provided under a plethora of schemes. What the ...
Industry not too enthused with TEE status
Jayarama Emani | The Dollar Business The coastal towns of Visakhapatnam and Bhimavaram in Andhra Pradesh, being recognised as Towns of Export Excellence (TEE) in the new Foreign Trade Policy, which was released on Wednesday, has got mixed response from the industry. Stakeholders feel while the announcement is encouraging, the government must expedite infrastructure development in both the towns if it is really interested in export promotion from the region. Speaking to The Dollar Business, Bhaskara Rao Potluri, Executive Director, Andhra Chambers of Commerce & Industry Federation, said, “With the Andhra Pradesh government setting a target of Rs.60,000 crore (cumulative) worth of marine exports by 2020, it is no surprise that the Centre is looking at Bhimavaram as a ...
New Foreign Trade Policy to expand the reach of Focus Market Scheme
The Dollar Business Bureau The Government of India is all set to announce its much-awaited Foreign Trade Policy (FTP) 2015-20, on April 1, 2015. The information on unveiling of the FTP 2015-20, was given by the Union Commerce Minister, Nirmala Sitharaman in a Twitter post. The new FTP, which was expected to be announced in 2014 could not take form then, however, governmental initiatives like ‘Make in India’ and ‘Digital India’ have stepped up the need for the new FTP that will facilitate ‘ease of doing business’. The new FTP, is expected to offer sops for the sectors facing weak global demand and also for the sectors exhibiting robust performance at the global level, which includes textiles, electronics ...
