Notification no. 26/2023: Changes to the Export Import Policy
The DGFT recently issued notification no. 26/2023, which makes a number of changes to the Export Import Policy (EXIM Policy) 2022-2023. The notification includes changes to the export and import tariff rates, as well as the procedures for exporting and importing goods.
Changes to export tariff rates
The notification reduces the export tariff rate for cotton from 10% to 5%. This is a welcome move for the cotton industry, as it will make Indian cotton more competitive in the global market. The notification also increases the export tariff rate for wheat from 0% to 5%. This is a measure to ensure that India’s food security is not compromised.
Changes to import tariff rates
The notification reduces the import tariff rate for certain electronic goods, such as laptops and mobile phones. This is a move to boost the domestic electronics manufacturing industry. The notification also increases the import tariff rate for certain chemicals, such as soda ash and caustic soda. This is a measure to protect the domestic chemical industry from unfair competition.
Changes to procedures for exporting and importing goods
The notification simplifies the procedures for exporting and importing goods. This is a move to make it easier for businesses to trade with India. The notification also introduces a new system for tracking the movement of goods across borders. This is a measure to improve the efficiency of trade and to prevent smuggling.
Conclusion
Notification no. 26/2023 is a significant development in India’s trade policy. The changes made by the notification will have a positive impact on the Indian economy. Businesses that are involved in exporting or importing goods should familiarise themselves with the changes made by the notification.
