‘India ready for rupee trade with countries facing currency crises’

Commerce Secretary Sunil Barthwal on Friday said India is ready to trade in Indan Rupee with countries which are facing currency failure or have dollar shortage.

Speaking after the unveiling of Foreign Trade Policy (FTP) 2023 which seeks to increase India’s exports to USD 2 trillion by 2030, the secretary also said the government is focusing on strengthening the rupee payment system.

Changes have been made in the FTP to allow international trade settlement in Indian Rupee with a view to making INR a global currency.

Addressing the gathering, Commerce and Industry Minister Piyush Goyal exuded confidence that the export target of USD 2 trillion by 2030 will be met.

He stressed that any industry cannot succeed only on the basis of subsidy or crutches.

In the coming days, the idea of exports will change in the country, Goyal said.

FTP 2023 has been announced to provide policy continuity and a responsive framework, said Director General of Foreign Trade (DGFT) Santosh Sarangi.

The FTP has also introduced an amnesty scheme for one-time settlement of default in export obligation by Advance Authorisation and EPCG authorisation holders.

All pending cases of the default in meeting export obligation (EO) of authorisations mentioned can be regularised by the authorisation holder on payment of all customs duties that were exempted in proportion to unfulfilled EO and interest at the rate of 100 per cent of such duties exempted.

However, no interest is payable on the portion of Additional Customs Duty and Special Additional Customs Duty.

Policy for export of dual use items under Special Chemicals, Organisms, Materials, Equipment and Technologies (SCOMET) has been consolidated at one place for ease of understanding and compliance by industry.

SCOMET policy emphasises India’s export control in line with its international commitments under various export control regimes (Wassenaar arrangement, Australia group and Missile Technology Control Regime) to control trade in sensitive/dual use items/technology.