Top Trending News

GTRI unveils plan for boosting Indian exports in first 100 days of new government

[ad_1]

New Delhi (India), April 3 (ANI): The Global Trade and Research Initiative (GTRI) has unveiled a comprehensive plan to boost India’s export promotion efforts in the first 100 days of the new government’s tenure , which is expected to begin in June 2024. .

The plan, which encompasses 13 key issues, aims to set the tone for policy direction and governance, fostering an environment conducive to robust export growth.

The importance of the first 100 days cannot be overstated, as they provide a crucial window for charting the trajectory of governance.

It is with this in mind that the GTRI has meticulously crafted a roadmap to propel the Indian export sector forward, emphasizing the imperative to address various challenges and seize opportunities to strengthen export performance .

Among the recommendations put forward by the GTRI is a call to disburse the Remission of Duties or Taxes on Export Commodities (RODTEP) incentives in cash, rather than in the form of electronic certificates.

The move will improve liquidity for small businesses, ensuring they receive tangible benefits quickly, facilitating smoother operations and expansion.

Additionally, streamlining of e-commerce export rules is seen as a critical measure to enable a wide range of Indian companies to access the export market.

Simplification of regulations governing various aspects, such as banking, customs and GST, would enable a smooth transition for these companies, thereby promoting inclusion and diversity in India’s export portfolio.

The plan also highlights the imperative to reduce India’s dependence on Chinese imports for critical products such as active pharmaceutical ingredients (APIs), solar cells and electric vehicle (EV) batteries.

By encouraging domestic production of these products, India can strengthen its self-reliance while mitigating the risks associated with over-reliance on imports from a single source.

Additionally, proactive measures are advocated to counter the adverse effects of European climate regulations, which pose potential challenges to India’s export prospects.

Developing a robust action plan to overcome these regulatory hurdles is considered essential to safeguard India’s interests and maintain its competitiveness in the global market.

In the area of ​​international trade agreements, GTRI highlights the need for transparency and evaluation of existing free trade agreements (FTAs) with India.

The publication of a comprehensive report assessing the effectiveness of these agreements would provide valuable information on their impact on export growth, thereby guiding future negotiations and trade strategies.

Additionally, the plan highlights the importance of building alliances and strengthening partnerships to amplify India’s voice and influence at the World Trade Organization (WTO).

By fostering collaboration with like-minded countries, India can strengthen its capacity to shape global trade policies and safeguard its interests in the international arena.

Addressing barriers to trade facilitation is another key focus area highlighted by the GTRI.

The creation of a National Trade Network (NTN) is proposed to streamline compliance processes related to exports and imports, enabling seamless interactions among stakeholders and reducing bureaucratic hurdles.

Additionally, standardization of incentives in various manufacturing schemes, such as special economic zones (SEZs) and export-oriented units (EOUs), is advocated to eliminate inconsistencies and facilitate smoother transitions for businesses.

By aligning benefits and exemptions, the government can encourage export-oriented activities and promote a conducive business environment.

The detailed GTRI plan provides a strategic roadmap to reinvigorate India’s export sector and position the country as a global trading power.

By implementing these recommendations within the first 100 days of the new government being sworn in, India can chart a path towards sustainable economic growth and prosperity. (ANI)

[ad_2]

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button