![]() There was an endless debate about whether this was the right way to promote exports. Basically, these permitted duty-free imports of goods if they were used in the manufacture of goods that were exported. ![]() There were also a plethora of exemption schemes. These could be used for the payment of customs duty. ![]() The reward was in the form of transferable scrips. The emphasis in previous FTPs was on rewarding exporters based on their export performance. The FTP 2023 is predicated on four pillars: incentives for remission, export promotion through collaboration, ease of doing business, and emerging areas. Unlike the previous FTPs, which had a 5-year time frame with periodic revisions, the present FTP is open-ended, with the assertion that subsequent revisions ‘shall be done as and when required and shall not be linked to any date.’ What this will mean will have to be seen. ![]() The Foreign Trade Policy (FTP) 2023, effective April 1, 2023, has been announced. ![]()
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