The Plastics Export Promotion Council (Plexconcil) has hailed the Foreign Trade Policy (FTP) 2023 as “forward looking and dynamic”.
“The policy is duration free in the sense that there is no end date to the FTP so that the Government of India can respond dynamically and responsively, as and when required”,said Plexconcil Executive Director Sribash Dasmohapatra.
“With the new FTP in place, he said, India will definitely reach its target of 1 trillion dollars of merchandise exports and 1 trillion dollars service exports by 2030.The move to make the new FTP a remission-based one (from incentive-based) was widely expected. However, the renewed thrust on emerging areas like e-commerce, streamlining of the SCOMET policy, provision for merchanting trade and encouraging overseas transactions in INR with an aim to make it a global currency are forward looking moves”, he added.
The rationalisation of export performance threshold for recognition of exporters through status holders will enable an increased number of beneficiaries to achieve higher recognition and reduce transaction costs for exports, Dasmohapatra opined.“On behalf of the entire plastics industry, we thank the Hon’ble Minister for bringing out the new FTP 2023 and for continuation of AA and EPCG schemes,” he said and welcomed the announcement of an amnesty scheme for those who have not fulfilled their EO against AA and EPCG will bring a much-needed relief to our industry which primarily comprises of MSMEs.
