11 features of the New Trade Policy you must know

11 features of the New Trade Policy you must know

• Commerce Minister Nirmala Sitharaman File Photodna Research & Archives

Aiming to nearly double India’s exports of goods and services to $900 billion by 2020, the government has announced several incentives in the five-year Foreign Trade Policy for exporters and units in the Special Economic Zones.

Unveiling the first trade policy of the NDA government, Commerce Minister Nirmala Sitharaman said the FTP (2015-20) will introduce Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS) to boost outward shipments.

Following are the highlights of the Foreign Trade Policy 2015-20 announced by Commerce & Industry Minister Nirmala Sitharaman today:

Increase exports to $900 billion by 2019-20, from $466 billion in 2013-14

Raise India’s share in world exports from 2% to 3.5%.

Merchandise Export from India Scheme (MEIS) and Service Exports from India Scheme (SEIS) launched.

Higher level of rewards under MEIS for export items with High domestic content and value addition.

Chapter-3 incentives extended to units located in SEZs.

Export obligation under EPCG scheme reduced to 75% to Promote domestic capital goods manufacturing.

FTP to be aligned to Make in India, Digital India and Skills India initiatives.

Duty credit scrips made freely transferable and usable For payment of custom duty, excise duty and service tax.

Export promotion mission to take on board state Governments

Unlike annual reviews, FTP will be reviewed after two-and-Half years.

Higher level of support for export of defence, farm Produce and eco-friendly products.

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