Centre extended foreign trade policy till Sept 30
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The Foreign Trade Policy 2015-20 has been extended by six months, until September 30, 2022. The present Foreign Trade Policy 2015-20, which is effective through March 31, 2022.
Posted by study craz by akash Published On April 2nd, 2022
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| daily current affairs |
The Foreign Trade Policy 2015-20 has been extended by six months, until September 30, 2022. The present Foreign Trade Policy 2015-20, which is effective through March 31, 2022, has been extended until September 30, 2022, according to a announcement from the Directorate General of Foreign Trade. Following the Covid-19 outbreak, the policy was first extended for a time, until the end of March 2020, and latterly for another time, until September 30.
Crucial Points
• The strategy lays out recommendations for boosting exports to boost profitable growth and produce jobs, as well as impulses under colorful programs like Duty-Free Import Authorisation (DFIA) and Export Promotion Capital Goods (EPCG) (EPCG).
• Tea, sword, chemical, and pharmaceutical exporters to Russia are contending with the government and the Reserve Bank of India (RBI) to intermediate, as millions of rupees are at stake.
• According to assiduity sources, tea, sword, chemical, and pharmaceutical exporters to Russia are seeking government and Reserve Bank of India (RBI) intervention because millions of bones in payments are stuck due to warrants assessed by the West, which have insulated Russian banks from the global fiscal system.
• According to them, the interruption in Indian companies’cash overflows might beget them to delay payments to workers and suppliers, as well as skip payments to lenders.
• As part of the restrictions, Russian enterprises have been barred from using the global Society for Worldwide Interbank Fiscal Telecommunication, or SWIFT, platform.
Effect of Russia Ukraine War
• Numerous South Indian tea exporters have yet to admit payment from Russian purchasers.
• The rupee payment has arrived, but not the bone payment.
• India exports the most tea to Russia, comprising 43-45 million kg per time. South Indian colonies export 20-25 million kg of this aggregate.
• Companies have addressed inquiries to Russian banks with a presence in India, which have opened letters of credit (LCs) on behalf of Russian importers.
• Some sword directors are reportedly likely to write to the central bank over overdue checks.
• According to numbers from the Bank of Baroda Economic Research, India’s exports to Russia totaled$2.85 billion in the first ten months of FY22, compared to$7.90 billion in significances.
• VTB, Sberbank, and Gazprombank are among the major Russian banks with operations in India. The VEB, Russia’s state- possessed development bank, is likewise involved in similar deals.
• As a result of Russia’s irruption of Ukraine, freight charges have risen again, worsening vessel failure.
VEB and RBI
• The VEB and the RBI've banded on a design.
• After Western warrants blocked Moscow’s access to SWIFT, the VEB and the RBI are set to finalise an indispensable sale platform to grease bilateral trade, according to ET on March 30.
• “ Delayed payments are affecting further than just tea,” said Ajay Sahai, director-general of the Federation of Indian Export Organizations (FIEO). “ Engineering, chemicals, and plastics are all suffering as a result of payment detainments.”
• According to FIEO, the penalties will have a particularly negative impact on low- value, high- volume weight, which will affect colorful Indian exporters
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