Govt. announces Rs 500 cr incentives for exports

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SME Times News Bureau | 12 Feb, 2011
The government on Friday announced a Rs 500 crore package to help exports covering more than 600 products such as agriculture, chemicals, carpets, engineering, electronics and plastics, in a bid to enhance the competitiveness of India's products in the international market.

Anand Sharma, Union Minister of Commerce & Industry, interacting with the media persons in the national capital on Friday, announced further export incentives effective from 1 January 2011.

Announcing the scheme, the minister hoped that these measures would not only help exports to meet the export target of USD 200 billion but also the exports will go beyond that.

He said that the with the export growth of 25% per annum, the exports will be doubled by 2014. In terms of percentage terms of exports, he said that it will be doubled by 2020.

The minister announces the measures including incentives under Market Linked Focus Product Scheme (MLFPS), Focus Product Scheme (FPS), Vishesh Krishi and Gram Udyog Yojana (VKGUY) and for improving quality and deepening market access.

Market Linked Focus Product Scheme: Under the new measures announce, the government provides incentives to 335 products under the MLFPS.

Products covered by the MLFPS are eligible for benefits of 2 percent of the FOB value of exports to 15 specified markets, namely, Algeria, Egypt, Kenya, Nigeria, Tanzania, South Africa, Ukraine, Mexico, Brazil, Australia, New Zealand, Cambodia, Vietnam, China and Japan.

Dr. Rahul Khullar, Commerce Secretary and Dr. Anup K Pujari, Director General of Foreign Trade, were present during the event.