The new five year Foreign Trade Policy,
2015-20 provides a framework for increasing exports of goods and services as
well as generation of employment and increasing value addition in the country.
The focus of the new policy is to support both the manufacturing and services
sectors, with emphasis on 'make in India' and improving the 'ease of doing
business'.
I.
Two new schemes :
MEIS & SEIS
1) FTP introduces only two new schemes, in place of a plethora
of schemes earlier :
i.
Merchandise Exports
from India Scheme (MEIS)
ii.
Services Exports from
India Scheme (SEIS)
2) For rewards under MEIS, the countries have been
categorized into 3 groups, whereas the
rates of rewards under MEIS range from 2% to 5%.
3) Under SEIS the selected services would be rewarded at the
rates of 3% and 5%.
4) Promotion of domestic capital goods manufacturing industry
Ø Specific export obligation has been reduced to 75% of normal
export obligation under EPCG scheme to nudge procurement of capital goods from
indigenous manufacturers.
5) Measures have been taken to boost exports of defense and
hi-tech items.
6) e-commerce exports of handloom products, books/periodicals,
leather footwear, toys and customized fashion garments through courier or
foreign post office would also be able to get benefit of MEIS (for value upto
INR 25,000)
7) These measures would not only capitalize on India's strength
in these areas and increase exports but provide employment.
II.
SEZs
1) Benefits of both the reward schemes (MEIS & SEIS) will be
extended to unites located in SEZs.
2) This measure will give a new impetus to development and
growth of SEZs in the country.
III.
Trade facilitation
& ease of doing business
1) One of the major focus areas of new FTP.
2) The major objective of new FTP is to move towards paperless
working in 24x7 environment.
3) The govt. has reduced the number of mandatory documents
required for exports and imports to 3, which is comparable with international
benchmarks.
4) A facility has been created to upload documents in
exporter/importer profile and the exporters will not be required to submit
documents repeatedly.
5) Attention has been paid to
i.
Simplification of
various 'Aayat Niryat' forms
ii.
bringing in clarity in
different provisions
iii.
removing ambiguities
iv.
enhancing electronic
governance
6) Approved Exporter System : Manufacturers will now be enabled
to self certify their manufactured goods in phases.
IV.
Steps taken for
encouraging manufacturing and exports under 100% EOU/EHTP/STPI/BTP schemes :
1) fast track clearance facility for these units
2) permitting them to share infrastructure facilities
3) permitting inter unit transfer of goods and services
4) permitting them to set up warehouses near the port of export
5) use duty free equipment for training purposes.
Following are the highlights of the
Foreign Trade Policy 2015-20 :
1)
Increase exports to
USD 900 billion by 2019-20, from USD 466 billion in 2013-14
2)
Raise India's share in
world exports from 2 percent to 3.5 percent
3)
Merchandise Export
from India Scheme (MEIS) and Service Exports from India Scheme (SEIS) launched
4)
Higher level of
rewards under MEIS for export items with High domestic content and value
addition
5)
Chapter-3 incentives
extended to units located in SEZs
6)
Export obligation
under EPCG scheme reduced to 75% to Promote domestic capital goods
manufacturing
7)
FTP to be aligned to
Make in India, Digital India and Skills India initiatives.
8)
Duty credit scrips
made freely transferable and usable For payment of custom duty, excise duty and
service tax.
9)
Export promotion
mission to take on board state Governments
10)
Unlike annual reviews,
FTP will be reviewed after two-and-Half years
11) Higher level of support for export of defense, farm Produce
and eco-friendly products.
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