Search Result for : Export Incentives

By Ranjeet Mahtani and Suhasini Joshi The Government of India has always endeavoured to encourage and incentivise exports, and it has been an avowed policy to export goods and services and not taxes and duties. The Ministry of Commerce, Government of India has consistently formulated schemes aimed at diversifying Indian exports and creating a stable policy environment- Foreign Trade Policies (FTP). The FTP 2015-20 announced various schemes (some new and others modified existing schemes) as a step towards the Prime Minister’s much touted ‘Make in India’. On June 30th, 2017 the Directorate General of Foreign Trade (DGFT) issued a Trade Notice amending the scope, applicability and procedural aspects of some of the FTP schemes, in view of and to align with the new GST ...

The Dollar Business Bureau The government in its Trade Notice No.16/2016 on Thursday announced it would provide benefits to those exporters who did not receive incentives under the then Incremental Export Incentivisation Scheme (IEIS) notificationNo: 3 (RE-2013)/2009-2014 when the scheme was operational. The government had later discontinued the IEIS scheme and the same wasmerged under the Merchandise Exports from India Scheme (MEIS). The Incremental Export Incentivisation Scheme (IEIS) for Quarterly basis (01.01.2013 to 31.03.2013) was introduced vide Notification No.27 dated 28.12.2012. The following points have been detailed under the latest notification. 1. Under the IEIS scheme, an IEC holder was entitled for 2% duty credit scrip on the incremental growth during January 1, 2013 to March 31, 2013 as against the ...

Jasleen Kaur Expressing concern over the sharp decrease in India’s export, Director General of Foreign Trade Anup Wadhwan said the government will come out with different and new policies in which Indian exporters can play a crucial role. Interacting with exporters in an open house meeting at the Federation of India Export Organisation (FIEO) headquarters in New Delhi, Wadhawan said India’s exports have gone through very difficult period over the last 16-17 months. “The exports have been continuously declining even though it is consistent with the global trend. It is a matter of distress for the exporters also in terms of their aspiration not being fully met than in terms of the difficult environment that they are facing,” he said. ...

The Dollar Business Bureau India and Russia are set to stimulate their bilateral trade and economic relation with the External Affairs Minister Sushma Swaraj’s scheduled visit to Moscow later this month. Swaraj will visit Moscow, Russia on April 18 to represent India in the 14th meeting of the Russia-India-China Initiative (RIC), where foreign ministers of the three countries will exchange talks and coordinate on issues of mutual significance. During her visit, Swaraj will also hold a bilateral meeting with the Deputy Prime Minister of the Russian Federation, Dmitryi Olegovich Rogozin, also the Co-chair of the India-Russia Inter-Governmental Commission on Trade and Economic Cooperation, to discuss their current bilateral relationship. “During the visit, EAM would also be having a bilateral meeting with Dmitry Rogozin, ...

Source: PTI Indian-origin businessman and founder of the Liberty Group Sanjeev Gupta on Friday formally took charge of Tata Steel's loss making plants in Scotland. Gupta, who has also expressed an interest in acquiring Tata's embattled Welsh unit of Port Talbot, hailed the "fresh chapter" in efforts to begin work on the re-opening and recovery of the two mothballed steel plate operations at Dalzell and Clydebridge in Lanarkshire, negotiations for which began last November. "Despite the current anxieties surrounding steel, I believe the sector has a future in the UK and, more particularly, a future here in Scotland. Like in Wales and the West Midlands, where our business model is already at work, steel is very much part of the fabric of Scottish ...

The Dollar Business Bureau Bajaj Auto has seen almost 22% increase in its sales to 3.06 lakh units in March current year from 2.5 lakh units in the same month previous year. The data released by auto-manufacturing giant Bajaj confirms a sharp increase in its sales; the company’s two-wheelers sales grew 26% to 2.64 lakh units in the month of March this year as against 2.10 lakh units in March last year.     Meanwhile, sales of the commercial vehicle increased 2% to 41,551 units in March 2016 as against 40,667 units in March 2015. The company’s total vehicle exports, too, raised 3% to 1.02 lakh units in March this year from last year’s 98.70 thousand units. In the financial year 2015-16, the company’s motorcycle sales ...

Source: PTI India's major software services firm Wipro will set up a BPO centre in Saudi Arabia, which will be the second such facility after an all-women technology services centre of Tata Consultancy Services (TCS). Prime Minister Narendra Modi on Sunday visited the TCS centre, first such facility to have only women employees. The Prime Minister was accorded a very warm welcome at the centre by the employees belonging to 17 countries of the region. "Wipro is following suit. It is establishing a major BPO centre in Saudi Arabia," Secretary (Economic Relations) in the Ministry of External Affairs, Amar Sinha told reporters in Riyadh. It is not known whether Wipro will have an all-women centre.

The Dollar Business Bureau  The government should grant industry status to gems and jewellery (G&J) sector and adopt a multi-pronged strategy to arrest the continuous fall in exports, an industry body has said. “This will have a multiplier effect and result in increasing G&J demand which will have a vital and positive impact on output, employment, value addition and indirect tax collections,” said the joint study titled ‘G&J industry: Contributing to Make in India,’ by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) and Thought Arbitrage Research Institute (TARI). Modernisation of labour laws, setting up of more export-oriented economic zones and a gold board, ensuring better financing, easing tax norms and setting up a gold tourism circuit are certain ...