PHD Chamber hails the Mid-Term Review of the Foreign Trade Policy

PHD Chamber hails the Mid-Term Review of the Foreign Trade Policy

PHD Chamber hails the Mid-Term Review of the Foreign Trade Policy

No.PR-127

December 5, 2017

New Delhi

 

While appreciating the vital reforms undertaken under the revised Foreign Trade Policy 2015-20, Mr. Anil Khaitan, President, PHD Chamber of Commerce and Industry, said that the policy revisions will facilitate the trade and boost India’s exports.

The expansion of assistance under the Merchandize Export from India Scheme (MEIS) and Services Export from India Scheme (SEIS) will certainly improve the competitiveness of various Indian products, especially readymade garments, agricultural products and labour intensive and MSME products to a remarkable extent, said Mr. Anil Khaitan.

With 45% of our GDP accounts for trade, covering 8000 of total 12000 lines of items under the various incentives will accentuate our trade and thereby, our GDP in the coming times, he added.

Relaxation in norms and delegation to regional authorities for export obligation period extension, installation of machinery and block wise extension under Export Promotion of Capital Goods (EPCG) Scheme would enhance the competitiveness of capital intensive products, said Mr. Anil Khaitan.

The new duty exemption scheme with Self Declaration and Self Ratification is a tremendous move forward. The regime will enhance India’s footprint in various international markets, especially in Africa and Latin America, said Mr. Anil Khaitan.

Re-export of the goods which are freely importable except SCOMET/Prohibited items will propel the performance of Indian products through expansion in competitiveness, said Mr. Anil Khaitan.

Creation of a new trade data analytics under DGFT to analyze the real time data will assist in keeping our trade performance in consonance with various countries across the world, said Mr. Anil Khaitan.

Going ahead, the fascinating feature of our Foreign Trade policy is continuity wherein remarkable alterations are pursued in a series of timely micro changes, he said.

The revisions will enhance the ease of doing business, improve the trade ecosystem and put India at a higher level in global competitiveness in the coming times, said Mr. Anil Khaitan.

Ends.

Koteshwar Prasad Dobhal

Consultant (PR)