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The Dollar Business Bureau Commerce and Industry Minister Suresh Prabhakar Prabhu said on Thursday that financial incentives for exporters through various export promotion schemes such as Merchandise Exports from India Scheme (MEIS) is expected to cross Rs. 1 lakh crore in the fiscal 2017-18. “Incentives to exporters under various schemes like the popular MEIS, SEIS, Advance Authorisation and the Export Promotion Capital Goods (EPCG) would cross Rs.1,00,000 crore and touch Rs.1,20,000 crore or even more depending on the performance of exports in the last two months of the fiscal,” Prabhu said while addressing a press conference. “You heard our Finance Minister say (in his Budget speech) that exports this year could have a growth of 15% over the previous year. A good export performance means ...

The Dollar Business Bureau India’s services sector registered a robust export growth of 16.2% during the first six months of the current fiscal while the import of services into the country were increased by 17.4% during the period, according to the Economic Survey 2017-18. “During the period April-September 2017-18, growth in services exports and services imports were robust at 16.2% and 17.4%, respectively, said the Survey tabled in the Parliament on Monday by Finance Minister Arun Jaitley. In 2016-17, the exports from the sector recorded a growth of 5.7%. “India remained the eighth largest exporter in commercial services in the world in 2016 with a share of 3.4%. This is double the share of India’s merchandise exports in the world at 1.7%, the Survey ...

The Dollar Business Bureau The industry has welcomed the initiatives taken in the mid-term review of Foreign Trade Policy (FTP) – 2015-20, specifically the 2% increase in rates under the Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS), as well as the raising of validity period of duty credit scrips from 18 to 24 months. Welcoming the FTP’s mid-term review, Ganesh Kumar Gupta, President, Federation of Indian Export Organisations (FIEO) said that the 2% increase in the MEIS rates for labour intensive sectors such as leather, carpets, handicrafts, tools, marine, medical & scientific products and services such as accountancy, architecture, legal, education, hotel and restaurant will provide much needed respite to these sectors which are facing huge ...

Aamir H Kaki Exporters, essentially from MSMEs and labour-intensive sectors will now be eligible for 2% higher incentives under the Merchandise Export from India Scheme (MEIS), as per the mid-term review of the Foreign Trade Policy (FTP) released by Commerce and Industry Minister Suresh Prabhu on Tuesday in New Delhi. Incentives under the Services Exports from India Scheme (SEIS) have also been increased by 2%. In addition, the review of the FTP has brought in relief amounting to Rs. 8450 crore annually for the labour-intensive sectors and micro, small and medium enterprises (MSME). The Minister said that the Policy, announced in 2015, was not a one-time exercise for helping the exporters. “It is an on-going effort. The Government will continuously revisit concerns of the exporters, identify ...

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  Ministry of Commerce and Industry said on Thursday that it has decided to release the reviewed foreign trade policy (FTP) in the month of September and not prior to the rollout of Goods and Services Tax (GST) as was earlier planned.  Earlier, the Government had announced that it will release the FTP’s mid-term review in line with the rollout of GST before July 1.   “A number of representations have been received from exporters regarding GST. Accordingly, it has been decided to release the reviewed FTP in September. This will allow the government to factor in the exporters' feedback on relevant issues post-GST,” according to a statement from the Commerce Ministry.   As it is not possible to stay ...

The Dollar Business Bureau "GST will help in improving exports as inputs are going to cost lesser for manufacturing exporters and that would result in improving the product competitiveness in the global markets." "GST is the big ticket that India batted for. The new taxation policy will help the exporters as the input costs will be lesser under the in-out credit that has been worked out well. This will make a good competition and the exporters are likely to benefit." The Commerce and Industry minister Nirmala Sitharaman was speaking at a media briefing on three years of initiatives and achievements of the Commerce Ministry in New Delhi on Saturday. Replying to a query posed by an exporter the minister assured them that they would ...

The Dollar Business Bureau The government has extended the period of services export for rewards under the Services Exports from India Scheme (SEIS) upto March 31, 2017. Currently, the services and rates of rewards were applicable only for services exports made between April 1, 2015 and March 31 2016. “The earlier notified period of services export rendered between 1-4-2015 to 31-03-2016, as per the list comprising rates and conditions for rewards under the SEIS notified vide Public Notice No.3/2015-20 dated April 1, 2015 as amended vide Public Notice no.42/2015-20 dated 26.10.2015, is extended upto 31.03.2017,” the Directorate General of Foreign Trade (DGFT) said in a notification on Friday. The list of services/rate is subject to review with effect from April 1, 2017, the notification ...