Govt Relaxes Star Export House Norms

The government has relaxed the eligibility conditions for exporters to receive the 'Star Export House' status.

The new norms, announced on Friday, allow export firms to be eligible for the status if they have reported export performance in any two of the three preceding financial years.

previously, exporters were required to achieve specific export performance in all three preceding financial years to receive the status.

The change is aimed at supporting more exporters and does not apply to the gems and jewellery sector, which already has a separate two-year requirement under the foreign trade policy (FTP) 2023.

The Directorate General of Foreign Trade (DGFT) has amended a provision of the FTP to allow the granting of 'One Star Export House' status to applicants who possess export performance in any two out of the three preceding financial years, subject to other provisions.

Exporters who achieve the prescribed export performance are accorded recognition as a 'One Star Export House', 'Two Star Export House', 'Three Star Export House', 'Four Star Export House', and 'Five Star Export House' by the DGFT.

Such status holders are eligible for various non-fiscal privileges, including customs clearances for both imports and exports on a self-declaration basis.

In a separate trade notice, the DGFT introduced an automated facility for the grant of export obligation extension in respect of Advance Authorisation and Export Promotion Capital Goods (EPCG) Authorisation cases.

The move is expected to benefit exporters and support the growth of the export sector in India.

The relaxation of norms is a significant development for exporters, who can now avail of the benefits of the 'Star Export House' status with relatively easier eligibility conditions.

The government's decision to relax the norms is seen as a positive step towards promoting exports and supporting the export sector in India.

The export sector is a significant contributor to India's economy, and the government's efforts to support it are expected to have a positive impact on the country's economic growth.

The relaxation of norms is also expected to encourage more exporters to apply for the 'Star Export House' status, which can help to increase exports and promote economic growth.

Overall, the government's decision to relax the 'Star Export House' norms is a welcome move for exporters and is expected to have a positive impact on the export sector in India.