More incentives announced in export policy review

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The government of India has announced incentives worth Rs 8,450 crore to boost exports in labour-intensive sectors in its Mid-term Review of the Foreign Trade Policy that was announced in 2015.

The Commerce and Industry ministry has increased the export incentives under the Merchandise Export from India Scheme (MEIS) to 4% from 2%, meaning an additional support of Rs. 4,567 crore.

It also increased the incentives for Services Exports from India Scheme (SEIS) by 2% percent, leading to an additional annual incentive of Rs. 1,140 crore.

While the government will set up a team of experts to assist exporters on matters of GST, it also plans to set up an e-wallet from April 1, 2018.

Exporters will be allowed duty-free imports for exports against self-certification.

 

Minister of Commerce and Industry Suresh Prabhu said that the policy emphasizes ‘Ease of Trading’ across borders.
“FTP review focuses on exploring new markets and products, increasing India’s share in traditional markets and products,” he said.
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