How technology change India’s Import Export

• Now, India is moving forward in the technology sector. Export-Import is also moving forward to the technology era. It can be made easier for exporters and importers with rules and regulations.
• Import-export is very important to the Indian economy, and it contributes to the Indian economy. The exporter faces many challenges like logistics & transport, paperwork, arranging finance, and finding buyers. Paper load; it’s a burden on importer and exporter. It is making a slow process and creating mistakes. A small businessman is having trouble arranging finance. They do not have all the documentation that is needed by the bank.
• These are all challenges stopping Indian exporters from reaching global trade. But from all these challenges, there is a huge chance for growth.
• The government is pushing digitalization with the program of digital India, and it is helpful for business.
• In India, more and more people are using digital stuff, which is opens the door to tech solutions. Due to digital India, the Indian population is more forward to technology. It can be easy to adapt new technology for Indians.

• Make a website for easier to do paperwork & get things cleared fast.
• Improvement in B2B website like India Mart, Alibaba, Trade India. It can be making easier platforms to connect Indian seller & buyer at trade.
• Make a software related to logistic, which is help to deliveries better, saving time & money. It can be tacking the goods & avoids delays & losses. It can be helping in manage, routes & deliveries in more efficiency way.
• Financial online platform which is connect to lender, who have a requirement for finance they will contact to lender. Financial online platform is give real time currency exchange & making low risky trade.

How government promoting India’s Export-Import

• The government is promoting India’s export-import business in the global market; it is promoting Indian products in the international market for increasing exports from India.
• Foreign Trade Policy is the main plan for exporting and importing. It is explaining rules and regulations, tax breaks, and incentives for exporters. The latest plan (2023-26) wants to make using online doing business in an easier way and solving the problem faster.
• The government is providing RoDTEP and Duty Drawback (DBK). It is an incentive scheme for exporters. According to FoB (Free on Board) transection value, exporters get incentives like RoDTEP and DBK. From this scheme, the government is encouraging exporters to export more of their product.
• The Interest Equalization Scheme (IES) is a scheme that provides funds to exporters at a low interest rate.
• Export Credit Guarantee Co-Operation (ECGC) is an insurance that is bought by the exporter to protect their consignment. If the buyer is not paying money, ECGC is protecting their buyer from losses.
• Dedicated freight corridors are super-fast trains, which make carrying goods smoother and cheaper for exporters.
• A trade facilitation agreement is an agreement that makes easier and less paperwork at a time of customs clearance. This facility facilitates trade by allowing items to pass through borders more quickly.
• Sagarmala is a big plan to make ports better, which is improving the coast and connecting India better to other countries by sea ports. It is making trade cheaper and opening more markets around the world.
• Developing Special Economic Zones (SEZs) are created where businesses get benefits like low paying tax and few rules on import. There is an attraction to foreign investors for investing and increasing in exports from India.
• The government is also working on teaching people to work in global trade, which helps Indian workers be better at their jobs.
• India gets involved in trade deals, sends groups to other countries, and goes into a big show to help Indian businesses find new places for exporting goods.
• The future of Indian export imports is bright. Because the government is promoting Indian exports and imports at a global level. The government is making new infrastructure, technology, digitalization, and opening new markets. The government is working on less paper work during customs clearance. The government wants to help all industries like pharmaceutical, chemical industry, engineering goods, etc.