Piyush Goyal, the Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, launched the policy. It is an open-ended policy and will not end on a targeted date. But that will accommodate the emerging needs in the course of time. The Policy had been based on four pillars. One has been the incentive to remission, two, export promotion through collaboration, three, ease of doing business and the fourth exploring is emerging areas.
Some of the highlights of the FTP 23
First, it has emphasised on the continuation of input duty remissions schemes such as, the RODTEP (Remission of Duties and Taxes on Exported Products) and RoSCTL (Scheme for Rebate of State and Central Taxes and Levies on Export of Garments and Made-ups) and timely payments by the governments.
Exporters had been demanding it for a long period. This policy will help exporters and incentivise them.
Secondly, measures are there to help MSMEs. Through reduction in transaction cost and e-initiatives, there are some measures to help the sector.
All the measures will help to lower cost and production time of the sector and increase competitiveness.
This story is from the May 1 - 31, 2023 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 1 - 31, 2023 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Bank of Baroda, Kolkata Zone organised Mega Kisan Melas in West Bengal
Bank of Baroda (BOB) organised Mega Kisan Mela at Konkalitala in Birbhum District of West Bengal on November 18, 2024 as a part of the 7th Edition of the Baroda Kisan Pakhwada (BKP).
Time-Bound Disposal of Cases to Expedite the Delivery of Justice and affordabe by all in India
The delay in the disposal of cases in Indian courts remains a significant hurdle to the nation's progress.
Dev Deepawali: A grand celebration of light, spirituality, and culture in Varanasi
The holy city of Varanasi, often regarded as India's spiritual and cultural heart, came alive with the splendor of Dev Deepawali on the sacred day of Kartik Purnima.
The life of Job 'Ye judge not the judgment of God' - Jesus Christ
The Holy Bible reveals through the life of Job how the Lord tests the righteous and that faith helps one to overcome life's adversities.
India has the highest potential for the garment industry, only a conducive government policy is required.
India's textile industry is poised for remarkable growth, with expectations to double its contribution to the GDP within the next six to seven years.
Global Public Debt may be worse than it appears, warns IMF
Global Public Debt Set to Exceed $100 Trillion, Warns IMF
The economic consequences of Trump's Presidency: A global perspective
One of the key economic factors contributing to the Democrats' loss in the US elections was the significant rise in inflation, which was initially triggered by the COVID-19 pandemic and exacerbated by the Russia-Ukraine war.
Challenges and Successes in West Bengal's Education Sector: A Comprehensive Overview
The education system in West Bengal, particularly in districts, villages, slums, and government institutions, reflects a blend of progress and ongoing challenges.
What India can expect from Trump's return
I may be too early to predict how Donald Trump's second term as president will impact the global oil market.
Stocks Surge Following Donald Trump's Election as 47th President of the USA
Stocks soared following the election of Donald Trump as the 47th President of the United States. Investors anticipated that the Information Technology (IT) sector would benefit from lower corporate taxes under the Republican regime, with IT stocks leading the rally.
