CIAe reviews the new Exim Policy 2015

MAR 2, 2015: Exports fell for the third month in a row in February by a record 15 percent to 21.5 billion. During the April-February 2014-15 period, cumulative exports stand at USD 286.58 billion, up only 0.88 percent over the same period last year. Exporters have been waiting anxiously for the new FTP policy to give them the required boost to compete in the international market. Sluggish demand in the European Union and strengthening of the Indian Rupee has only made matter worse for the exporters.

The Government was to announce the new FTP last year in June but exporters had to wait for almost a year to get the new Policy. High interest cost combined and extremely difficult banking condition is driving exporters away from this trade.

The Emphasis of the Policy seems to be on Ease of doing business while the government reduced the number of documents to three for export/import now the policy also allows documents ot be uploaded so that repeated submission of documents is avoided.

According to Amit Goyal - president of CIAe the major highlight is also the free passage of Export consignment; Consignments of items meant for exports shall not be withheld/ delayed for any reason by any agency of Central/ State Government. In case of any doubt, authorities concerned may ask for an undertaking from exporter and release such consignment. This according to Goyal will stop the last minute harassment by various authorities on flimsy grounds.