SME Times is powered by   
Search News
Just in:   • '35 pc cos pay nil GST, which shows no burden on SMEs'  • Cinepolis Hosts a Special Screening for the Underprivileged Kids  • Dr Amal Al Qubaisi Wins Parliamentarian Excellence Award as Best President of Arab Parliament  • Launch of Life Skills Program  • Google Play Awards 2017 Announced: LIKE Wins 3 Prizes Among Global Competitors 
Last updated: 20 Jul, 2017  

Nirmala Sitharaman THMB Share of MSMEs in India's exports near 50 pc in 2015-16: Sitharaman

msme-exports.jpg
   Top Stories
» FM for strengthening banks to enable them to lend to MSMEs
» Ready to discuss all issues on floor of Parliament: Govt
» Only 13 pc cos use digital to drive both growth, efficiency: Survey
» Impact of GST on SMEs: Mixed reactions from state Finance Ministers
» WPI inflation at 3.93 percent in November
SME Times News Bureau | 20 Jul, 2017
The contribution of Micro, Small and Medium Enterprises (MSMEs) in the exports of the country reached to 49.86 percent in 2015-16, the Commerce and Industry Minister Nirmala Sitharaman informed in a written reply in Rajya Sabha on Wednesday.

According to Ministry of MSME based on DGCI&S data, the share of MSMEs in India's exports constantly showing shing of growth. In the year 2013-14 it was 42.42 percent; 44.76 percent in 2014-15 and reached 49.86 percent in 2015-16, said a release on Wednesday.

The minister gave the credit to the various government's schemes.

She said, the Merchandise Exports from India Scheme (MEIS) was introduced in the Foreign Trade Policy (FTP) 2015-20 w.e.f. 1st April, 2015 with the objective to offset infrastructural inefficiencies and associated costs involved in exporting goods/products which are produced /manufactured in India including products produced/manufactured by MSME Sector. Of the 11544 total tariff lines at 8 digit HS Codes, 7914 tariff lines are covered under MEIS scheme at present.

The Scheme incentivizes exporters in terms of freely transferable Duty Credit Scrips which are transferable and can be used to pay certain Central duties/taxes.

The Government also provides double weightage to exports of MSMEs for grant of one star export house status under the Status Holder Recognition Scheme of the Foreign Trade Policy 2015-20.

Granted of Status Holder Certificate enables such enterprises to avail certain privileges under Foreign Trade Policy viz. Legal Undertaking in lieu of Bank Guarantee, facility for free of cost exports for export promotion etc.

The Government has launched Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit w.e.f. 01.04.2015 for five years. The scheme is available to all exports of MSME and 416 tariff lines. The rate of interest equalisation is 3 percent per annum. This scheme is aimed at providing affordable credit to exporters to enable them to be more competitive in the global market.

The Government introduced Special Advance Authorisation Scheme for export of articles of Apparel and Clothing Accessories w.e.f 1st September 2016 wherein exporters are entitled for an authorisation for fabrics including inter lining on pre-import, and All Industry Rate of Duty Drawback for non-fabric inputs on the exports.

The Government has implemented the Niryat Bandhu Scheme with an objective to reach out to the new and potential exporters including exporters from Micro, Small & Medium Enterprises (MSMEs) and mentor them through orientation programmes, counselling sessions, individual facilitation, etc., on various aspects of foreign trade to enable them to get into international trade and boost exports from India.

Under Export Promotion Capital Goods (EPCG) Scheme and Duty Exemption/Remission Schemes, Advance Authorisation (AA), Duty Free Import Authorisation (DFIA), Duty Drawback (DBK), Advance Procurement/ Replenishment of Precious Metals from Nominated Agencies, Replenishment Authorisation for Gems, Replenishment Authorisation for Consumables and Advance Authorisation for precious metals are also available for MSME products.

The given key steps taken by Government for according priority and providing other facilities to support MSME exports, added release. (Source: PIB)
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 18 Dec, 2017
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(13)
» Foreign Trade Policy(6)
» List of items for which anti dumping duties has been levied with related notifications(1)
» Online GST compliance platform a simple and cheap solution for filing return: Co-Founder, EasemyGST(1)
» SC order on interim relief on mandatory linking of Aadhaar on Friday(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter