The Amendment has provided legal backing in the FTP to make it necessary to do consultation with stakeholders including importers/exporters/industry experts concerning the formulation or amendment of the FTP.
- The amendments made in the exercise of powers conferred under the Foreign Trade (Development & Regulation) Act, 1992.
FTP 2023 and its Key Features
- Objective: Aims at process re-engineering and automation to facilitate ease of doing business for exporters.
- Target: To take India's exports to 2 trillion dollars by 2030
- Key Initiatives
- Districts as Export Hubs Initiative: It focuses on the development of logistics, testing facilities, connectivity for exports, etc.
- Expanded Export Promotion of Capital Goods (EPCG) Scheme: E.g. Prime Minister Mega Integrated Textile Region and Apparel Parks (PM MITRA) was brought under it.
- Promoting Cross Border Trade in Digital Economy: Provided for establishing E-Commerce Export Hubs (ECEHs), etc.
- Recognition of Exporters: Exporter firms recognized with 'status' based on export performance will now be partners in capacity-building initiatives.
- Streamlining SCOMET (Special Chemicals, Organisms, Materials, Equipment and Technologies) Policy: To provide access of dual-use High end goods and technologies to Indian exporters while facilitating exports of controlled items/technologies under SCOMET.