The Indian government launched a Risk Management System (RMS) for exports, a move aimed to reduce customs clearance time and lower transaction costs.
India introduced RMS for imports in December 2005, and traders had long demanded an extension of RMS to cover exports to help reduce transaction costs which are estimated at around 7-10% of total exports compared to about 3-3.5% in China and some Southeast Asian countries.
According to the Indian Finance Minister, the time taken to obtain customs clearance will now come down to a few hours, compared to around 1.6 days to 3.68 days prior to the implementation of RMS. Under the new system, low-risk consignments will be cleared by the Customs based on declarations by exporters. RMS is a growing practice among WTO members, and will help improve India's exports, local sources say.
Meanwhile, trade analysts say India's overall exports are expected to grow by 7.2% in FY 2014-15 (April – March), compared to -1% seen in FY 2013-14. India is expected to remain the world’s largest rice exports for the third consecutive year in 2014 with about 10 million tons of rice exports next year.
Source:- oryza.com
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