Summary:

According to the Confederation of Indian Industry (CII), India's current 2% share in global trade could more than double with better integration into global value chains, stronger digital trade infrastructure, and a focus on improving the competitiveness of MSMEs. Mr. Sanjay Budhia, CII Chairperson, emphasized the importance of collaborating with the government to address challenges limiting manufacturing and export growth, such as developing a single gateway for circulars and adopting global best practices to reduce trade costs.

He highlighted the significance of implementing the Customs Authority on Advance Ruling (CAARR) Regulation, 2021, to ensure more predictable duty obligations. Strengthening the Authorised Economic Operator (AEO) program was seen as crucial for building exporter confidence and reducing delays. He also recommended processing refunds without appeals in cases where there is no dispute. Aligning India's tax system with global standards, particularly those of the EU and ASEAN, would facilitate cross-border trade and enhance business operations.

Source: IBEF

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