New foreign trade policy to give thrust to export of R&D services
The thrust on R&D services came after it became one of the fastest-growing segments among India s services exports
Joe C Mathew | March 8, 2021 | Updated 12:48 IST
Union Commerce and Industry Minister Piyush Goyal
The soon-to-be-announced New Foreign Trade Policy 2021-26 may give a special emphasis to export of research and development (R&D) services. A separate section focusing on R&D services exports is being planned, a government official said.
The changes are being worked out by the Department of Commerce at the behest of the office of the Principal Scientific Advisor of India. The government had extended the validity of foreign trade policy 2015-2020 by a year - till March 31, 2021 due to the Covid-19 pandemic. The new policy is to be effective from April 1, 2021 for a period of five years.
Prateek Bansal, who is now associate partner in the tax practice at White & Brief.
Nagla specialises in GST, customs, SEZ and foreign trade work, while Bansal specialises in service tax and GST litigation.
We have reached out to ELP for comment.
Founding and managing partner Nilesh Tribhuvann commented in a statement: “With Vineet and Prateek coming in, we have moved closer to our aim of transitioning into a full-service firm. We are now equipped to provide the gamut of services to our clients across the board.
“There is now a clear alignment of vision amongst the firm’s senior level members and, I see a lot of synergistic opportunities between the practice areas that we have recently added. I am glad that our expansion plans are materialising the way we have envisioned them – and there is more on the horizon in the coming year.”
Our foreign trade policy should focus on online exports
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Aruna Sharma
To generate jobs by the million, we should focus our export thrust on overseas sales by small enterprises via the internet. We could leverage the cost benefits of retail disintermediation.
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India faces the dual challenge of creating new jobs and ensuring a sustainably high growth trajectory. The country’s foreign trade policy needs to be analysed and modified in this context. We have 1.34 billion people, with almost two-thirds aged under 30. But they need good health care and skills to acquire income avenues. For India’s youth to be an asset and its demographic dividend to materialize, the economy must create job openings for 18.6 million people every year.
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March 2, 2021
India’s coming foreign trade policy may have a separate chapter dealing with e-commerce for the first time amid demands for helping millions of small manufacturers become exporters, said three people familiar with the development.
Several e-commerce firms, including Amazon India, Walmart Inc., and eBay, payment gateway PayPal and industry bodies Federation of Indian Chambers of Commerce and Industry (Ficci) and Confederation of Indian Industry (CII) have sent recommendations for export promotion in the new policy.
The Foreign Trade Policy 2021, which is being formulated, is expected to come into effect on 1 April.
The suggestions made to the Directorate General of Foreign Trade are largely on digitization and call for compliance burdens to be eased for micro, small and medium enterprises (MSMEs).
E-commerce seeks a slot in trade basket
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(Bloomberg )
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India’s coming foreign trade policy may have a separate chapter dealing with e-commerce for the first time amid demands for helping millions of small manufacturers become exporters, said three people familiar with the development.
Several e-commerce firms, including Amazon India, Walmart Inc., and eBay, payment gateway PayPal and industry bodies Federation of Indian Chambers of Commerce and Industry and Confederation of Indian Industry have sent recommendations for export promotion in the new policy.
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The Foreign Trade Policy 2021, which is being formulated, is expected to come into effect on 1 April.