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Economy Current Affairs Prelims
2023 Part 2
Foreign Trade Policy 2023
• FTP 2023 aims at process re-engineering and automation to
facilitate ease of doing business for exporters.
• It also focuses on emerging areas like dual use high end
technology items under SCOMET, facilitating e-commerce
export, collaborating with States and Districts for export
promotion.
• FTP 2023 encourages recognition of new towns through “Towns
of Export Excellence Scheme” and exporters through “Status
Holder Scheme”.
• The FTP 2023 is facilitating exports by streamlining the popular
Advance Authorization and EPCG schemes, and enabling
merchanting trade from India.
• New FTP is introducing a one-time Amnesty Scheme for
exporters to close the old pending authorizations and start
afresh.
FTP 2023 - Process Re-Engineering and
Automation
• automated IT systems with risk management system for
various approvals in the new FTP
• policy emphasizes export promotion and development,
moving away from an incentive regime to a regime
which is facilitating, based on technology interface and
principles of collaboration
• FTP 2023 codifies implementation mechanisms in a
paperless, online environment, building on earlier 'ease
of doing business' initiatives.
FTP 2023 - Towns of Export Excellence
• Four new towns, namely Faridabad, Mirzapur, Moradabad, and
Varanasi, have been designated as Towns of Export Excellence (TEE)
in addition to the existing 39 towns.
• The TEEs will have priority access to export promotion funds under
the MAI scheme and will be able to avail Common Service Provider
(CSP) benefits for export fulfillment under the EPCG Scheme.
• Market Access Initiative (MAI) Scheme is an Export Promotion Scheme
envisaged to act as a catalyst to promote India’s exports on a sustained
basis.
• Export Promotion Capital Goods (EPCG) Scheme - to facilitate import of
capital goods for producing quality goods and services and enhance India's
manufacturing competitiveness. EPCG Scheme allows import of capital
goods for pre-production, production and post-production at zero customs
duty.
FTP 2023 - Recognition of Exporters
• Status recognition norms have been re-calibrated to
enable more exporting firms to achieve 4 and 5-star
ratings, leading to better branding opportunities in
export markets.
• Exporter firms recognized with 'status' based on
export performance will now be partners in capacity-
building initiatives on a best-endeavor basis
• Similar to the 'each one teach one' initiative, 2-star
and above status holders would be encouraged to
provide trade-related training based on a model
curriculum to interested individuals
FTP 2023 - Promoting export from the
districts
• FTP aims at building partnerships with State
governments and taking forward the Districts as
Export Hubs (DEH) initiative to promote exports at
the district level and accelerate the development of
grassroots trade ecosystem
• District specific export action plans to be prepared
for each district outlining the district specific
strategy to promote export of identified products
and services.
FTP 2023 - Streamlining SCOMET (Special
Chemicals, Organisms, Materials, Equipment and
Technologies) Policy
• India is placing more emphasis on the "export control" regime as its
integration with export control regime countries strengthens
• A robust export control system in India would provide access of dual-
use High end goods and technologies to Indian exporters while
facilitating exports of controlled items/technologies under SCOMET
from India
FTP 2023 – Other Aspects
• Facilitating E-Commerce Exports - FTP 2023 outlines the
intent and roadmap for establishing e-commerce hubs and
related elements such as payment reconciliation, book-
keeping, returns policy, and export entitlements
• Facilitation under Export Promotion of Capital Goods
(EPCG) Scheme
• Facilitation under Advance authorization Scheme
• Merchanting trade - Merchanting trade involves shipment
of goods from one foreign country to another foreign
country without touching Indian ports, involving an Indian
intermediary.
• Merchanting trade of restricted and prohibited items under export
policy would now be possible.
BRICS Currency
• Used for cross-border trade by the BRICS nations
• The new currency would be secured by gold and other
commodities such as rare-earth elements
• new currency could reduce the world’s dependence on the US
dollar and the Euro
• De- Dollarization
• Reducing dependence on dollars for global trade
• Alternate currency to keep Forex reserves by central bank
• What is required for a currency to be acceptable in global trade ?
• Open Economy
• Full Convertibility
• Political and Economic Stability
• Trust and Acceptability
 Transfer Pricing
• “Transfer pricing" generally refers to prices of transactions
between associated enterprises which may take place under
conditions differing from those taking place between
independent enterprises.
• It refers to the value attached to transfers of goods, services and
technology between related entities.
• It also refers to the value attached to transfers between unrelated
parties which are controlled by a common entity.
• Commercial transactions between the different parts of the
multinational groups may not be subject to the same market
forces shaping relations between the two independent firms.
• The effect of transfer pricing is that the parent company or a
specific subsidiary tends to produce insufficient taxable
income or excessive loss on a transaction.
Dabba Trading
• Dabba trading is informal trading that takes
place outside the purview of stock
exchanges.
• Traders bet on stock price movements
without incurring a real transaction to take
physical ownership of a particular stock as is
done in an exchange
GREEN DEPOSITS
• Green deposit means an interest-bearing deposit,
received by regulated entities (REs) for a fixed
period and proceeds of which are earmarked for
being allocated towards green finance.
• Green deposits shall be denominated in Indian
Rupees only
• Sectors/projects included for allocation of proceeds
raised through green deposits includes Renewable
Energy, Energy Efficiency, Clean Transportation,
Climate Change Adaptation, Sustainable Water and
Waste management, Green Buildings etc.
REITs and InvITs Index
• National Stock Exchange (NSE), has launched India’s
first ever Real Estate Investment Trusts (Reits) and
Infrastructure Investment Trusts (InvITs) Index.
• The new index— Nifty REITs and InvITs index—aims to
track the performance of Reits and InvITs that are
publicly listed and traded on the NSE
• The Nifty Reits & InvITs Index has a base date of 1 July
2019 and a base value of 1,000. The index will be
reviewed and rebalanced on a quarterly basis.
• Reits and InvITs are investment vehicles that own
revenue-generating real estate and infrastructure
assets, respectively.
NOCS Platform
• NPCI Bharat BillPay launches NOCS platform
to process ONDC transactions
• It will enable smooth, secure and timely
transfer of funds to network participants
Logistic Performance Index 2023
• India improved its rank to 38 (from 44 in
2018) in World Bank’s Logistic Performance
Index (LPI) 2023
• LPI 2023 ranks countries on six dimensions
of trade - including customs performance,
infrastructure quality, and timeliness of
shipments.
MAHARISHI Initiative
• Millets and other ancient grains
international research initiative
• It will focus on Research and
Awareness about agro-biodiversity,
food security, and nutrition aligning
with International Year of Millets
2023.