Facts for Prelims (FFP)
Source: Economic Times
Context: The Ministry of Commerce & Industry in India has launched a digital system for issuing automatic ‘Status Holder’ certificates under the Foreign Trade Policy (FTP) 2023.
- This system eliminates the need for exporters to apply to the Directorate General of Foreign Trade (DGFT) for a Status Certificate.
- Instead, the IT system will determine export recognition based on the Directorate General of Commercial Intelligence and Statistics (DGCIS) merchandise export electronic data and other risk parameters.
The new system simplifies the process, reduces compliance burdens, and promotes ease of doing business. The Status Holder certification program enhances the credibility of Indian exporters in international markets and offers privileges like simplified procedures, priority custom clearances, and exemptions from certain requirements.
