ENA Economy 2024-04-04 16:35:37 <p><span style="font-size:14px"><strong>New Delhi, Apr 4 (KNN)</strong> The Global Trade Research Initiative (GTRI) has outlined essential steps for the new government's initial 100 days in a recent statement on Wednesday, emphasising the simplification of e-commerce rules, strategic disbursement of duty refunds, and bolstering India's trade infrastructure.</span></p> <p><span style="font-size:14px">GTRI Founder, Ajay Srivastava, suggests streamlining regulations related to e-commerce exports to enable more than 20 lakh Indian firms to tap into global markets. </span></p> <p><span style="font-size:14px">By simplifying rules governed by RBI, banking, Customs, GST, and DGFT, businesses could swiftly venture into exporting a wide array of products including handicrafts, jewellery, ethnic wear, decorative paintings, and ayurvedic goods.</span></p> <p><span style="font-size:14px">The think tank underscores the importance of disbursing duty refund incentives in cash, rather than as e-scrips, particularly for small enterprises. </span></p> <p><span style="font-size:14px">By merging schemes like RoDTEP with Drawback and directly crediting exporters' bank accounts, liquidity for small firms can be improved without additional financial strain on the government.</span></p> <p><span style="font-size:14px">GTRI advocates for the creation of a National Trade Network to centralise export-import compliance processes online. </span></p> <p><span style="font-size:14px">This initiative aims to simplify interactions with customs, DGFT, shipping companies, ports, and banks, ensuring faster response times and smoother operations.</span></p> <p><span style="font-size:14px">The think tank calls for a comprehensive assessment of India's 14 Free Trade Agreements (FTAs) and six smaller trade agreements to gauge their impact on exports. </span></p> <p><span style="font-size:14px">Additionally, it recommends preparing an action plan to counter adverse effects of European climate regulations and trade measures, safeguarding India's export interests.</span></p> <p><span style="font-size:14px">Highlighting the urgency, GTRI warns against India's increasing reliance on Chinese imports, particularly in crucial sectors like electric vehicles (EVs) and manufacturing components. </span></p> <p><span style="font-size:14px">The organisation urges proactive measures to curb this dependence and foster indigenous production.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 37298 https://knnindia.co.in/news/newsdetails/economy/gtri-outlines-key-economic-strategies-for-new-governments-first-100-days 2024-04-04 16:35:37 knnindia.co.in