Growth in Exports

exports
exports

As per the export data available upto November, 2016, the India’s exports have registered a positive growth since September 2016 in US$ terms continuously with respect to corresponding month in the previous year.

The Government has taken following measures to promote the country’s exports:

(i) The New Foreign Trade Policy (201520) was announced on 1st April, 2015 with a focus on             supporting both manufacturing and services exports.

(ii) The Merchandise Exports from India Scheme (MEIS) was introduced in the Foreign Trade Policy (FTP) 2015-20 on April 1, 2015 with 4914 tariff lines at 8 digit levels. MEIS aims to           incentivize export of merchandise which is         produced/manufactured in India. Rewards @ 2-5% under MEIS are payble           as a percentage of realized FOB value of covered exports, by way of     the       MEIS duty credit scrip, which are transferable and can also be used for payment of a      number of duties including the basic customs duty.   At present, 7914   tariff lines at 8 digit HS Codes are covered under MEIS scheme.

(iii)The Government launched Services Exports from India Scheme (SEIS) in the FTP 2015- 2020.  The Scheme provided rewards to service providers of notified services who are    providing service from India.

(iv) The Government is implementing 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 for being able to get into international trade and     boost exports from India.

(v)By way of trade facilitation and enhancing the ease of doing business,        Government reduced the number of mandatory documents required for            exports and imports to three each, which       is comparable with             international benchmarks. The trade community can file applications           online for various trade related schemes. Online payment of application fees  through            Credit/Debit cards and electronic funds transfer from 53 Banks has been put in place.

(vi) Interest Equalization Scheme on pre & post shipment credit launched to    provide cheaper           credit to exporters.

(vii)Further, the Government continues to provide the facility of access to duty free   raw      materials and capital goods for exports through schemes like Advance      Authorization, Duty    Free Import Authorization (DFIA), Export Promotion     Capital Goods (EPCG) and drawback /         refund of duties.

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