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Govt extends exports duty incentives to boost exports
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SME Times News Bureau | 31 Oct, 2015
The government on Friday extended duty incentives to a large number of
products, including textiles and electronics, to increase
competitiveness of Indian exports.
The commerce ministry notified
the list of 110 new tariff lines or products to which duty benefits
have been extended under the Merchandise Exports from India Scheme
(MEIS), and increased rates or country coverage, or both, for existing
2,228 items.
Under the export incentive scheme, the government
provides duty benefits at 2 percent, 3 percent and 5 percent depending
upon the product and country.
Global support has been extended to
products including textile items, pharmaceuticals, project goods, auto
components, telecom, computer, electrical, electronics and railway
transport equipments.
Earlier, benefits to these items were provided to a few countries.
The
new items added under the scheme include medical instruments, sports
goods, value added processed products of natural rubber, chemicals and
plastics.
The move comes in context of a steady decline in exports as a result of the global economic slowdown.
Declining
for the tenth straight month India's merchandise exports fell nearly 25
percent in September to $21.84 billion, mainly due to sharp drop in
export of petroleum products, iron ore, and engineering goods.
Cumulative
exports for the period April-August at $111.09 billion registered a
16.17 percent decline over last year's corresponding period at $132.53
billion, continuing the declining trend, caused by the global economic
slowdown, fall in crude oil prices and appreciation of the rupee.
Addressing
a meeting of exporters here earlier this month, Commerce Secretary Rita
Teaotia said the allocation for export incentive schemes in the current
financial year has been increased to Rs.21,000 crore from the earlier
Rs.18,000 crore.
During the meeting, exporters raised issues
hampering exports' growth like imposition of minimum alternate tax (MAT)
on special economic zones (SEZs), high cost of credit and transactions
cost.
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