DMPQ- Export promotion is an important part of Indian Economic growth. What are the measure taken by Government of India to boost Exports.

The scheme for Remission of Duties or Taxes on Export Product (RoDTEP) will replace Merchandise Exports from India Scheme (MEIS) for reimbursement of taxes & duties for export promotion. Textiles and all other sectors which currently enjoy incentives upto 2 per cent over MEIS will transit into RoDTEP. In effect, RoDTEP will more than adequately incentivize exporters than existing schemes put together.

  • Special Economic Zones (Amendment) Bill, 2019 has been approved wherein a trust or any entity notified by the Central Government will be eligible to be considered for grant of permission to set up a unit in Special Economic Zones.
  • In order to boost credit to the export sector, RBI enhanced the sanctioned limit to be eligible under priority sector lending norms. The limit has been raised from Rs.25 crore to Rs.40 crore per borrower. Furthermore, the existing criterion of ‘units having turnover of up to Rs.100 crore’ has been removed.
  • Export Credit Guarantee Corporation (ECGC) will expand the scope of Export Credit Insurance Scheme (ECIS) to offer higher insurance cover to banks lending working capital for exports. This will enable reduction in overall cost of export credit including interest rates, especially to MSMEs
  • Government has approved the Sugar export policy for evacuation of surplus stocks during sugar season 2019-20. This shall involve providing a lump sum export subsidy at the rate of ` 10,448 per Metric Tonne (MT) to sugar mills for the sugar season 2019-20. The total estimated expenditure of about Rs.6,268 crore will be incurred for this purpose.
  • For enabling handicrafts industry to effectively harness e-commerce for exports, mass enrolment of artisans across India will be effected in collaboration with Ministry of Textiles.

 

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