India’s EXIM Policy for the period from April 1, 2023, to March 31, 2028, brings a host of exciting changes to boost exports and enhance the trade ecosystem.

1. Process Re-Engineering and Automation

The EXIM Policy is like having a tech-savvy assistant to help with exporting goods. It’s all about simplifying the process and making it more efficient.

2. Towns of Export Excellence

In this update, four new towns are welcomed into the existing group of 39 “Towns of Export Excellence” under the EXIM Policy. These towns are recognized for their special skills in creating handicrafts, handlooms, and carpets. Being part of this group comes with great perks.

3. Promoting Exports from Districts

This policy wants to help small businesses in different areas or districts sell their products to other countries. It does this by working together with the governments of those states.

The idea is to make it easier for local businesses to find opportunities to export their goods and get support to do it.

3. Recognition of Exporters

Recognizing exporters involves categorizing them into different levels based on their compliance and performance in international trade. Recognized exporter firms receive privileges, such as streamlined customs procedures, while two-star and higher status holders, who exhibit exceptional performance, provide trade-related training. This multi-tiered approach promotes growth and competence in the export sector.

4. Dairy Sector Exemption

In simple terms, the dairy sector doesn’t have to meet a specific average export target, which is a requirement for other sectors. This means dairy businesses can focus on their domestic market without worrying about exporting a certain amount.

5. Advance Authorization Scheme

The Advance Authorization scheme is like a special permission for businesses. It allows them to import raw materials for making products without paying taxes on them. The new plan aims to make this process even simpler and more helpful for businesses