In a move to reduce transaction costs and improve ease of doing business, the government on Monday automated the system of giving credibility to the Indian exporters in the international markets.
Commerce and industry Piyush Goyal launched a new initiative to issue IT system based automatic ‘Status Holder’ certificates to exporters under the Foreign Trade Policy 2023 under which the government will recognise about 20,000 exporters as Status Holders, up from 12,518 exporters recognised earlier.
Goyal unveiled the initiative at a meeting with the export promotion councils, the commerce and industry ministry said in a statement.
The Status Holder certification program provides credibility to the Indian exporters in the international markets “Over 15,000 exporters will be benefitted by this facility who will get 1 Star to 5 Star recognition within real time basis,” said A. Sakthivel, president, Federation of Indian Export Organisations.
At present, the exporter is required to file an online application along with an export certificate from a chartered accountant for grant of status. The certification is granted every year in August based on annual export figures and Emexporters who are eligible for a higher status based on additional export data relating to services export, deemed exports or double weightage to MSMEs, can apply online for a status modification also at a later date.
As per the statement, now the exporter will not be required to apply to the office of Directorate General of Foreign Trade (DGFT) for a Status Certificate and the export recognition would be provided by the IT system based on available Directorate General of Commercial Intelligence and Statistics merchandise export electronic data and other risk parameters.
