Merchandise exports in India on the rise.

The merchandise exports from the country have registered an increase of 1.27 percent in Dollar terms (6.72 percent in Rupee terms) in June 2016 compared to the same month of the previous year.

The details of key efforts made by Government for increasing exports are as follows:

i The New Foreign Trade Policy (2015‐20) was announced on 1st April, 2015 with a focus on supporting both manufacturing and services exports and improving the ‘Ease of Doing Business’.

ii In the light of the major challenges being faced by Indian exporters in the backdrop of the global economic slowdown, the envisaged revenue outgo under MEIS was increased from Rs. 18000 Crore to Rs. 21000 Crore in October 2015 with accompanying enhancement in benefits on certain products and inclusion of certain additional items. On 04.05.2016, the Government has extended the market coverage to all countries in respect of 2787 lines. Hence Landing Certificates shall not be required under MEIS w.e.f 04.05.2016. This step has been taken as part of ‘Ease of Doing Business’ and reduction of Transaction Cost of exporters. Accordingly, revenue foregone under the scheme has been revised from Rs.21000 Crore per annum to Rs.22,000 Crore per annum.

iii The Government is implementing the Niryat Bandhu Scheme with an objective to reach out to the new and potential exporters including exporters from Micro, Small & Medium Enterprises (MSMEs) and mentor them through orientation programmes, counselling sessions, individual facilitation, etc., on various aspects of foreign trade for being able to get into international trade and boost exports from India.

iv By way of trade facilitation and enhancing the ease of doing business, Government reduced the number of mandatory documents required for exports and imports to three each, which is comparable with international benchmarks. The trade community can file applications online for various trade related schemes. Online payment of application fees through Credit/Debit cards and electronic funds transfer from 53 Banks has been put in place.

v Further, the Government continues to provide the facility of access to duty free raw materials and capital goods for exports through schemes like Advance Authorisation, Duty Free Import Authorization (DFIA), Export Promotion Capital Goods (EPCG) and drawback / refund of duties.

This information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today.

Source : thehansindia.com