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Before you should be aware of Foreign Trade Policy 2021-2026, you can have a look at what India’s Foreign Trade Policy is all about and what are the documents required for IEC code. India’s Foreign Trade Policy is a set of guidelines that are being prepared by the Director-General of Foreign Trade. (DGFT).
The Ministry of Commerce and Industry takes care of India’s Foreign Trade Policy and the foreign policy-related rules updated every year March 31 and the updates remain active for the next one year up to 1st April.
The IEC or Importer Exporter Code is required for conducting import and export business in India. No import or business can be completed without the Import-Export code. The 10 digit code is required as the Import-Export Code.
You can have a look at the points that are included in the latest Foreign Trade Policy.
These are the points that are included in India’s New Foreign Trade Policy. So, any company, be it a proprietorship company after proprietorship firm registration, can participate in the import export business.
The Union Ministry of Commerce and Industry on 1st April 2021 took a vow to make India a leader in foreign trade in the next five years. So, you need an IE code if you are enthusiastic to participate in India’s foreign trade.
In the meeting which was presided by Minister Hardeep Singh Puri, it has been decided that the new FTP would be in effect from 1st April 2021 and it will be continued for the consecutive five years. Mr. Puri has also said that Govt. aims to make India a world leader in foreign trade policy for the next five years. A businessman has to create import export code registration first before participating in the foreign trade policy.
The District Exports Hub initiative is a new idea that is propagated in the meeting. In the meeting, it has been decided that every district would be given the chance to its extreme point to be the District Hub specialised in export.
You only need a DGFT IEC code to be a part of the exciting venture that is called the District Exports Hub. Each state has been encouraged to develop as many District Exports Hubs as they can.
The IEC code application is required by a businessperson to start an Import Export business in India. The Import-Export code is required for exporting any product or service ranges from India and for importing any product or service ranges to India.
The Union Ministry has decided to take India’s Import Export business up to 5 trillion dollars in the next five years. So, the individual and business persons who are willing to be part of the import-export business should be prepared with the IEC official documents.
So, in the entire process, Online Legal India™ can help you with how to proceed online with the official documents.
The COVID-19 has not even spared the import and export business in India and all around the world. Import and Export related data says that the global business has declined by 60% overall all over the world. That is why the Foreign Trade Policy for 2021-2026 was so important and the Union Ministry has taken a few correct decisions to boost the Foreign Trade Policy.
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