Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Exporters may get incentives based on R&D, specific clusters under new FTP.


Date: 16-01-2019
Subject: Exporters may get incentives based on R&D, specific clusters under new FTP
New Delhi, Jan 22 () Exporters are likely to get incentives based on parameters like research and development, product-specific clusters and production pattern under a five-year foreign trade policy (FTP) to be released later this year, an official said. 

The commerce ministry is working on recasting the existing export incentive schemes in line with the global trade norms of the World Trade Organisation (WTO). 

 "We are recasting our export incentive schemes. In the new FTP, they would be in compliance with the global trade rules. The new incentives could focus on R&D activities, production parameters, product-specific clusters. Rebate can also be given on state levies," the official added. 

The last FTP was released in 2015 for five years. It provided guidelines for enhancing exports with an overall objective of pushing economic growth and job creation. 

Under an FTP, the government announces incentives for exporters. Currently, duty benefits are provided under merchandise export from India scheme (MEIS) and services export from India scheme (SEIS). 

Recasting of the existing support measures assumes significance as the US has challenged these schemes under the dispute settlement mechanism of the WTO. America has alleged that these incentives are harming American companies. 

The official said there are several product-specific clusters in sectors such as automobile, textiles and leather and providing direct incentives to them would help boost manufacturing and exports. 

Currently, maximum incentives are cornered by big automobile and pharmaceutical companies under MEIS. In this scheme, the government provides duty benefits depending on product and country. 

"Ideally, the scheme should target MSMEs," the official added.

For the new FTP, the commerce ministry is engaged with all commodity boards and ministries concerned for identifying the support measures compliant with global trade rules. 

According to Federation of Indian Export Organisations (FIEO), the new scheme should include refund of indirect taxes like on oil and power; state levies such as mandi tax. 

"The new scheme should help boost the country's exports," FIEO President Ganesh Gupta said. 

Since 2011-12, India's exports have been hovering at around USD 300 billion. During 2017-18, the shipments grew about 10 per cent to USD 303 billion. 

Promoting exports helps a country create jobs, boost manufacturing and earn more foreign exchange. 

During April-December 2018-19, the country's total merchandise exports grew 10.18 per cent to USD 245.44 billion.

Source: timesofindia.indiatimes.com 

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 21-10-2020
Notification No. 38/2020-Customs
Notification regarding exemption of duties of Customs against scrips issued under the RoSL scheme for apparel and made-ups sectors.

Date: 21-10-2020
Notification No. 07/2020 – Central Excise
Notification regarding exemption of duties of Central Excise against scrips issued under the RoSL scheme for apparel and made-ups sectors

Date: 20-10-2020
Notification No. 37/2020-Customs
Seeks to further amend notification no. 152/2009 dated 31.12.2009, regarding the rate of duty of customs on imports of "Polybutadiene Rubber" originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement.

Date: 15-10-2020
Notification No. 99/2020 - Customs (N.T.)
Exchange rate Notification No.99/2020-Cus (NT) dated 15.10.2020- regd.

Date: 13-10-2020
Trade Notice No. 30/2020-2021-DGFT
Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under GSP, GSTP, India-Malaysia CECA, India-Singapore CECA w.e.f. 15th October 2020

Date: 09-10-2020
Notification No. 39/2015-2020
Amendment in Export Policy of Onions

Date: 08-10-2020
Circular No. 44/2020-Customs
Procedure for inspection of ICDs/CFSs/AFSs -reg

Date: 08-10-2020
Notification No. 49/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 07-10-2020
Public Notice No.24 /2015-20
Revision of SION H-68, H-301 & H-302 of Export Products- Double Decorative/Single side Laminates with or without Barrier Paper

Date: 06-10-2020
Instruction No. 18/2020-Customs
Directorate General of Audit as a Nodal Directorate for Customs Post Clearance Audit –regarding



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001