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DGFT notifies updated export policy aligned with Finance Act 2024 to boost pharma trade efficiency
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Shardul Nautiyal, Mumbai
January 15 , 2025
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In a major step to align India’s pharma export regulations with global standards, the Directorate General of Foreign Trade (DGFT) has officially notified the updated Schedule-II (Export Policy) of ITC(HS) 2022, bringing it in sync with the Finance Act 2024. This is aimed at modernizing pharma trade policies and fostering a globally competitive export ecosystem.
The ‘General Notes to Export Policy’ have also been updated, providing additional guidance to exporters and ensuring seamless compliance with the new policy framework. The notification comes into effect immediately, ensuring no delay in its application across India’s export sectors.
Announcing the notification, Santosh Kumar Sarangi, director general of foreign trade & ex-officio additional secretary to the Government of India, remarked, "This updated export policy reflects India’s proactive approach to streamlining foreign trade in accordance with the evolving global economic landscape. It is designed to provide greater clarity and transparency for exporters, ensuring compliance while driving growth in our export sectors."
The updated Schedule-II (Export Policy) harmonizes India’s export policies with the Finance Act 2024, providing a robust framework for managing export regulations under the ITC(HS) Codes.
Comprehensive details of the current export policy, including specific conditions for ITC(HS) Codes, are now available on the DGFT website (https://dgft.gov.in).
This initiative aims to boost India’s global trade by providing exporters with a clear and updated policy roadmap. By integrating these updates, the government seeks to reduce procedural ambiguities and enhance the ease of doing business in India.
"This notification is a testament to India’s strategic foresight in trade policy, emphasizing consistency, compliance, and competitiveness on the global stage. For further details, exporters and stakeholders are encouraged to visit the official DGFT website or reach out via email at dgft@nic.in," added Sarangi, urging stakeholders to leverage these updates for optimizing trade operations.
This development marks a pivotal moment in India's foreign trade strategy, reflecting its ambition to be a major player in the global economy while adhering to high standards of policy clarity and operational efficiency.
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