The Central Government has undertaken several key initiatives and policy measures to boost exports, attract investments and to promote ease of doing business from time to time.
New Foreign Trade Policy has been launched on 31st March, 2023 and came in to effect from 1st April, 2023.Interest Equalization Scheme on pre and post shipment rupee export credit has also been extended upto 31-08-2024 with total allocation of Rs. 12788 crores.
Assistance is being provided through several schemes to promote exports, namely, Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme. Rebate of State and Central Levies and Taxes (RoSCTL) Scheme to promote labour-oriented sector export has been implemented since 07.03.2019.
Remission of Duties and Taxes on Exported Products (RoDTEP) scheme has been implemented since 01.01.2021. With effect from 15.12.2022, uncovered sectors like pharmaceuticals, organic and inorganic chemicals and article of iron and steel has been covered under RoDTEP.
Similarly, anomalies in 432 tariff lines have been addressed and the corrected rates have been implemented with effect from 16.01.2023. Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase Free Trade Agreement (FTA) utilization by exporters.
Districts as Export Hubs initiative has been launched by identifying products with export potential in each district, addressing bottlenecks for exporting these products and supporting local exporters/manufacturers to generate employment in the district.
Active role of Indian missions abroad towards promoting India’s trade, tourism, technology and investment goals has been enhanced. Regular monitoring of export performance with Commercial Missions abroad, Export Promotion Councils, Commodity Boards/ Authorities and Industry Associations and taking corrective measures from time to time.
Further, keeping in view India’s vision of becoming ‘Atmanirbhar’, PLI Schemes for 14 key sectors have been announced with an outlay of Rs. 1.97 lakh crore to enhance India’s Manufacturing capabilities and Exports.
With the objective to improve Ease of Doing Business and Ease of Living, The Government has taken initiatives to Simplify, Rationalize, Digitize and Decriminalize Government to Business and Citizen Interface across all the States/UTs. So far, more than 42,000 compliances have been reduced and more than 3,800 provisions have been decriminalized.
National Single Window System (NSWS) is a unified platform for applying for all G2B clearances from various Central Ministries/Departments and State Departments. All 32 in-scope Central Ministries/Departments are integrated on NSWS. A total of 277 Central approvals can be applied through NSWS.
Information pertaining to more than 661 approvals is available to investors via the Know Your Approvals (KYA) module. Jan Vishwas (Amendment of Provisions) Act, 2023 was introduced to further the trust-based governance and enable de-criminalization of minor offences and compliance-based laws and requirements. The Act decriminalized 183 provisions under 42 Acts administered by 19 Ministries/Departments.
