The government has introduced several measures to reinforce export

The government has introduced several measures to reinforce export

by admin- Monday, September 16th, 2019 04:31:41 PM

The government has introduced several measures to reinforce export enterprise (including textile area); measures consists of elevating of interest equalisation scheme for MSMEs and exporters to 5%, changing Scheme for Remission of Duties or Taxes on Export over MEIS for exports, better insurance cowl, implementation of completely digital GST refund device, Rs 1,seven hundred crore for export guarantee among others.

Some of the measures are as follows –

Extend the scheme of reimbursement of taxes and duties for export promoting
Existing dispension in textiles of MEIS + vintage ROSL will preserve as much as December 31, 2019.
Scheme for Remission of Duties or Taxes on Export Product (RoDTEP) will replace MEIS.
Textiles and all other sectors which currently revel in incentives up to 2% over MEIS will transit into RODTEP from January 1, 2020.
Expanding scope of export credit insurance Scheme ECIS by ECGC
Export Credit Guarantee Corporation will make bigger the scope of ECIS.
Will provide higher insurance cover to banks lending working capital for exports.
Premium prevalence for MSMEs can be monitored suitably.
It is expected that the initiative will fee approximately Rs 1,seven-hundred crore per annum.
This will enable discount in standard cost of export credit which includes interest prices mainly for MSMEs.
Revised priority region lending (PSL) norms for export credit (after sizable discussion with RBI)
Priority region lending norms for export credit score had been tested and permitting hints are under consideration of RBI.
This will release an additional Rs. 36,000 crore to Rs sixty eight,000 crore as export credit under priority zone.
Annual mega purchasing pageant
Annual mega shopping festivals in India might be organised in 4 locations across March 2020 in 4 issues (Gems & Jewellery, Handicrafts, Yoga, Tourism, Textile and Leather).

News Updates