The Customs is introducing comprehensive digitalisation of export and import transactions, and leveraging electronic tagging technology to improve export logistics, the Finance Minister, Mr Piyush Goyal, said while presenting the Interim Budget 2019-20 last week.
“Indian Customs is introducing full and comprehensive digitalisation of export/import transactions and leveraging RFID (radio-frequency identification) technology to improve export logistics,” Mr Goyal said.
He added that to promote the ‘Make in India’ initiative, the government has rationalised Customs duties and procedures.
“Our government has abolished duties on 36 capital goods. A revised system of importing duty-free capital goods and inputs for manufacture and export has been introduced, along with introduction of single point of approval under Section 65 of the Customs Act,” he said.
Improvement in logistics helps seamless movement of goods and reduces transactions cost for traders, leading to enhanced competitiveness for Indian products in the global markets.
During April-December this fiscal, exports grew by 10.18 per cent to $245.44 billion. Since 2011-12, India’s exports have been hovering at around $300 billion. During 2017-18, the shipments grew by about 10 per cent to $303 billion, reports said.
POSTED BY Exim News Service.