The Global Trade Research Initiative (GTRI) said on Wednesday that the new government's 100-day plan includes simplifying e-commerce regulations, disbursing cash duty refund schemes and issuing a report on the effectiveness of India's trade agreements. said that it should be done. GTRI will also use blockchain technology as a tracking mechanism for fruit and vegetable products, allowing Special Economic Zones (SEZs) to sell goods in the domestic market on a duty-free basis, and for critical imports including active pharmaceutical ingredients. He suggested that we need to reduce our dependence on China. Solar cells, EV batteries, mobile phone parts, etc.
It also recommended developing an action plan to counter the negative effects of Europe's climate change regulations, building alliances and strengthening partnerships for better outcomes at the World Trade Organization (WTO). Highlights how some WTO laws are discriminatory and need to be changed. Standardization of incentives in manufacturing schemes. In addition to centralizing the online submission of all necessary documents and information, the National Trade Network (NTN) enables all import and export-related compliance online, eliminating the need for separate interactions with customs. The Directorate General of Foreign Affairs said that this will help. Trade (DGFT), Shipping Companies, Ports, Banks. GTRI added: “This will enable online permitting, intelligently distributing information to relevant authorities, bound by service agreements that guarantee a response within 2-5 hours.”
“The first 100 days will be a critical period for (a new government) to determine its governance and policy direction,” said GTRI founder Ajay Srivastava. Defending NTN, Srivastava said the current system focuses on specific sectors, is slow to evolve and cannot handle comprehensive processes efficiently.
Furthermore, India
The report suggested that the RoDTEP scheme is a refund of unpaid taxes, much like a drawback scheme, and therefore, as well as its drawbacks, the incentives need to be paid in cash rather than scrip. “This will increase liquidity for small and medium-sized enterprises without expending additional revenue to the government. For best results, integrate RoDTEP with a drawback scheme and transfer funds to exporters’ bank accounts at once. There is a possibility that the money will be deposited,” he added.
Regarding e-commerce, India has more than 2 million companies that produce quality products and services, but fewer than 100,000 export them, the paper said. “Simplification of RBI”
Regarding China, Srivastava said that if left unchecked, one in three electric cars and many more passenger cars and commercial vehicles on Indian roads in the next few years will be sold to India alone or through joint ventures with Indian companies. He said it could be manufactured by a Chinese company. It further said that EU deforestation regulations, carbon border adjustment measures, foreign subsidy regulations and Germany's Supply Chain Due Diligence Act will have a negative impact on India's exports and create export uncertainty. “India must come up with an aggressive action plan to counter these and be prepared to deal an equal blow to imports from the EU,” he said.
(with input from PTI)
