The Indian Director General of Foreign Trade, Mr Alok Vardhan Chaturvedi, has called upon industry to introduce internal compliance programs (ICP) for export controls.
India’s entry into new multilateral export control regimes has presented a number of new opportunities for business, however, Mr Chaturvedi highlighted the responsibilities that are incumbent on Indian industry, which include the adoption and implementation of appropriate ICP.
His comments came at the launch of the Federation of Indian Chambers of Commerce and Industry (FICCI) ICP module for Indian industry, proposed as an industry template. Mr Chaturvedi also suggested the evolution of an institutional structure, with an active “To Do” list that is subject to regular monitoring.
FICCI has previously confirmed in a statement that the adoption of ICP introduces checks and balances which are necessary for industry to request exemption or bulk licenses. This in turn will facilitate the expansion of India’s export market, which the recently released draft Defense Production Policy envisages reaching US$ 50 billion by 2032.