CICU Steering Committee deliberated on Foreign Trade Policy-2023

Ludhiana, March 31, 2023: Upkar Singh Ahuja, President, Honey Sethi, Legal Secretary, Sarvjit Singh, Vice President & Co-Convener of CICU Export Committee, Gautam Malhotra, Vice President and Sanjay Dhiman, Vice President jointly deliberated on Foreign Trade Policy 2023.

Thrust on continuity of remission of taxes, ease of doing business, technology-led enhanced trade facilitation and e-commerce auger well for auto components exports.

Focus on making Indian Rupee a global currency and facilitating International Trade settlement in INR to secure against currency risks.

Upkar Singh Ahuja, President, CICU congratulated the Government on announcement of positive measures to promote exports in the Foreign Trade Policy 2023. Thanking the Union Commerce & Industry Minister, Piyush Goyal.

The Foreign Trade Policy 2023 is another step towards a digitally enabled, Aatmanirbhar Bharat, coupled with measures that will drive India to become a significant player in global trade. Focus on continuity of remission of taxes, ease of doing business, technology-led enhanced trade facilitation, promotion of exports through ecommerce and wider engagement with states and districts to foster exports are indeed steps that will help us achieve the target of USD 1 trillion in exports by 2030.”

“Significant reduction in application fee for Advance Authorization and EPCG Scheme for MSMEs is another welcome step as a majority of the exporters in the automotive supply chain are smaller enterprises. That apart, addition of BEVs and Green Hydrogen to the list of ‘Green Products’ will allow them to avail of reduced export obligation under EPCG Scheme, adding to the sustainability initiatives of the Government.” The auto components sector recorded a turnover of USD 56.5 billion in FY22 with Exports of USD 19 billion.

Exports grew 43 percent over FY22 recording trade-surplus of USD 700 million. In the first nine-months of FY23, despite several geo-political challenges and recessionary headwinds in key markets, auto components exports have been well on track, clocking USD 15.1 billion.

Focus on Merchant Trading (buying from third country and selling to third country without touching the boarders) is a great initiative for merchant exporter.