With the onset of the fourth digital industrial revolution, also called Industry 4.0, India like many other developing countries is facing new opportunities and challenges in international trade. The rising digitalization can greatly impact on trade competitiveness of the countries, benefitting the countries which are able to increase the digital content of their production and exports while adversely impacting the countries which are unable to catch-up in the digital race. To digitally prepare itself India has initiated some concrete programs like ‘Digital India’ which aims at transforming India into a digitally empowered society and knowledge economy
Way forward for India for building its trade competitiveness in the digital era by designing a Digitally-Informed Foreign Trade Policy, which can help in increasing the digital content in sectoral exports of India and improve its global competitiveness
As per the DGFT FTP Policy Paragraph 1.21 Encouraging development of Third Party API DGFT will encourage development of third party software for integration with its system to offer users multiple options for interfacing with the DGFT.
Forthcoming e-Governance Initiatives DGFT is currently working on the following EDI initiatives:
- ICEGATE Filing for Shipping Bill and Bill of Entry through Third party ERP Solutions ( API’s will be released by CBIC )
- Online issuance of Export Obligation Discharge Certificate (EODC). (API’s will be released by DGFT which can take data on real-time basis from back end ERP system)
- Online submission of Exports customs clearance documentation with Digital signature ( Future road map of CBIC )
- Open API for submission of e-IEC Application.
- Online Issuance of Certificate of Origin HTTPS://coo.dgft.gov.in
- Online refund of IGST refunds ( Exports Transactions )
This digitization will provide wholesome support to the applicants by allowing them to bypass the requirement of physical documentation and submitting their application with the click of a button to ensure highest degree of ease in doing business for the applicant.
India’s AEO Programme is in sync with India’s commitments made under Article 7.7 of WTO TFA. The AEO Programme enables Indian Customs to enhance and streamline cargo security through close cooperation with the principle stakeholders of the international supply chain viz. importers, exporters, logistics providers, custodians/terminal operators, custom brokers and warehouse operators.
Expectations in New Foreign Trade Policy (2020-2025)
Indian Exporters Expects procedural simplification for Importing raw materials and capital goods in a bid to provide boost for Exports which is hit by sluggish Global demand.
The ministry may also include new chapters for services, and e-commerce exports besides simplifying advance authorisation and self-ratification schemes.
Total exports of third party could be counted as export obligation instead of only proceeds realised from third party by EPCG holders.
Advance Authorisation scheme Export Obligation period could be enhanced from current 18 Months
Higher Exports rewards to products with Geographic Indication ( GI) tag such as Alphonso Mango , Banarsai Sarees
For the export oriented units, the ministry is considering getting policy formulation, regulation and administration under one roof.
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