MUMBAI (Commoditiescontrol) - In an effort to boost merchandise exports through incentive linked sink, the central government has announced new five-year policy that would not only encourage domestic manufacturing and services sector, but emphasis has been also led on driving agriculture export that has shown immense potentials so far.
The new Foreign Trade Policy (FTP) 2015-20 is aimed at doubling exports to $900 billion by 2020, introduced Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS) as a key growth driver.
MEIS - for export of specified goods to specified markets and SEIS - for increasing exports of notified service, have replaced a plethora of schemes promulgated earlier. Trade facilitation and enhancing the ease of doing business are major focus in this FTP.
Under MEIS scheme duty credit scrips issued and the goods imported against these scrips are fully transferable. Oilseed meal exports such as rape meal or soybean meal will receive benefits of 5 per cent from earlier 3 per cent. Similarly, cotton and yarn would avail benefits on exports.
Besides, higher level of incentives for export of agriculture products under the FTP, the government is planning to integrate agriculture trade with the other forces that are working to shape India into a dominating position in region and its equation with the rest of the world.
The government has chalked out multi-pronged strategy not only to lift country's share in world exports from current 2 per cent to 3.5 per cent, but to essentially focus on sectors such as agriculture where India has strengthened over the years and have untapped potential.
Agricultural and allied product exports (including plantation and marine products) have more than doubled over a period of 5 years. Exports have grown from $ 17,789.0 million in 2008-09 to $ 42,505.7 million in 2013-14 with a CAGR of 19 per cent. During 2013-14, agri product exports constituted 13.6 per cent of total exports and registered a growth of 3.8 per cent (in USD terms) over 2012-13.
Understanding the need of a a stable policy regime, the FTP is devised accordingly. It will be a long term, stable, consistent and by default open export policy as against an on-off policy. This policy will effectively handle several issues, including upgrading quality to avoid disruption in trade on account of SPS issues with major trading partners, besides effectively challenging unfair practices of trading partners if they resort to unreasonable SPS measures.
The FTP has drawn a road map for India's global trade engagement in the coming years by strengthening various channels and encouraging exports through 'Niryat Bandhu Scheme'.
Nirmala Sitharaman, Minister of State (Independent Charge) Commerce & Industry, is confident of the new FTP, which will enable the country to respond the challenges of the external trade environment and take the country to the next level in international trade.
For Commoditywise New FTP Benefit Scehemes click the link below:
http://dgftcom.nic.in/licasp/MEIS/MEIS2015.asp
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