India's Foreign Trade Policy (FTP) 2023 has been launched to promote exports and facilitate ease of doing business for exporters, while also placing a stronger emphasis on the "export control" regime. The policy is built on the principles of trust and partnership with exporters and is based on four pillars: Incentive to Remission, Export Promotion through Collaboration, Ease of Doing Business, and Emerging Areas. The policy is based on the continuity of time-tested schemes while being responsive to the emerging needs of the time.

The FTP 2023 introduces several new schemes, such as one time Amnesty Scheme for exporters to close old pending authorizations and start afresh. It also encourages the recognition of new towns through the Towns of Export Excellence Scheme and the recognition of exporters through the Status Holder Scheme. The policy also streamlines the popular Advance Authorization and EPCG schemes and enables merchanting trade from India.

One of the key objectives of the FTP 2023 is to process re-engineering and automation to facilitate ease of doing business for exporters. The policy emphasizes the use of automated IT systems with risk management systems for various approvals and codifies implementation mechanisms in a paperless, online environment. The policy also reduces fee structures and IT-based schemes to make it easier for MSMEs and others to access export benefits.

Another crucial aspect of the FTP 2023 is the promotion of exports from the district level and accelerating the development of the grassroots trade ecosystem. The policy builds partnerships with state governments and takes forward the Districts as Export Hubs (DEH) initiative to identify export-worthy products and services and resolve concerns at the district level. The policy also aims to prepare district-specific export action plans for each district outlining the district-specific strategy to promote the export of identified products and services.

India's integration with the export control regime countries is strengthening, and the policy regime is made more robust to implement international treaties. The FTP 2023 places a wider outreach and understanding of Special Chemicals, Organisms, Materials, Equipment and Technologies (SCOMET) among stakeholders to ensure compliance with international regulations.

Overall, the FTP 2023 is a dynamic policy document that aims to boost India's exports and promote its growth manifold in the coming years. With its emphasis on ease of doing business, technology interface, and collaboration, the policy is expected to facilitate the growth of the export industry, while also creating a favourable environment for MSMEs and other businesses to access export benefits. The FTP 2023 is a roadmap for India's exports to reach new heights and emerge as a global leader in the export industry.

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