Govt extends duty incentives to boost exports

30 Oct 2015 Evaluate

With an aim to improve competitiveness of a large number of exporters and help them tide over the difficult global economic scenario, the government has extended incentives to a large number of products, including textiles and electronics. This move would help in boosting exports, which are in negative zone since December last year.

Under the Merchandise Exports from India Scheme (MEIS), the Commerce Ministry has extended the duty benefits to 110 new tariff lines or products and increased rates or country coverage or both for existing 2,228 items. Under the scheme, the government provides duty benefits at two per cent, three per cent and five per cent depending upon the product and country. These duty benefits are part of the allocations increased from Rs 18,000 crore to Rs 21,000 crore for MEIS.

Directorate General of Foreign Trade (DGFT) in its notification has said that Export of products of high labour intensity and employment potential would be eligible to avail incentives 'at the rate of 2 per cent of free-on-board value of exports. Rewards under MEIS are payable as percentage of realised free-on-board value and the MEIS duty credit scrip can be transferred or used for payment of a number of duties including the basic customs duty. The new products which have been added under this scheme includes medical instruments, sports goods, value added processed products of natural rubber, chemicals and plastics.

Global support has been extended to products including textile items, pharmaceuticals, project goods, auto components, telecom, computer, electrical, electronics and railway transport equipments. Earlier, benefits to these items were provided to a few countries.

Earlier this month in a stakeholders meeting with Commerce Secretary Rita Teaotia, exporters had sought support from the government to boost exports. The government has assured that it will soon announce incentives, including extension of interest subsidy scheme, to boost export. Contracting for the tenth month in a row, India's exports plunged over 24 percent in September mainly due to global slowdown and declining commodity prices worldwide.

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