FTP now in the service of Indian services exporters
Vanita Peter D’souza | The Dollar Business The world’s top three countries in terms of merchandise trade deficit – USA, UK and India – have one thing in common. All three run services trade surpluses! But while the governments of USA and UK have always treated their services exporters at par with those exporting merchandise, the same has never been the case in India. Not only have Indian service exporters been forced to run from pillar to post to get even service tax refunds, but erstwhile FTPs had never really paid more than lip service to the services industry. This, despite India’s services exports growing over 6x in the last decade, something that merchandise exports cannot boast of. ...
Guardians of India's foreign trade now invite all to Serve from India
The Dollar Business Bureau In a big boost to India’s services industry, the new Foreign Trade Policy (FTP), which was released by Minister of State for Commerce and Industry Nirmala Sitharaman, on Wednesday, has made duty credit scrips available to services exporters fully transferable. A long time demand of the services industry and an idea that The Dollar Business has long been advocating, the move will not only incentivise services exports, but will also increase the volume of trading in scrips. Earlier, services exports, which were incentivised under the Served from India Scheme (SFIS), used to provide exporters scrips that were not transferable. But under the new scheme – Service Exports from India Scheme (SEIS) – scrips are fully tradable. ...
