Foreign Trade Policy- Mid Term Review,2017

Foreign Trade Policy- Mid Term Review,2017

The mid-review of Foreign Trade Policy  finally stands released today on 5^th December,2017.It was delayed since July 2017 for the sake of GST.

Priority- It has considered the ease of trading for exporters and to neutralize the impact of the GST.

Aim – To  double India’s exports of goods and services to $900 billion by 2020.

Incentives Overview

Simplification of Import export code

GST to help spur exports growth

Further rationalisation of export promotion schemes is on card.

Focus will be on new markets for Indian exporters i.e Africa, Latin America

MSME, agricultural products, labour intensive sectors will be in focus

 

Procedures

Self certification scheme for duty free imports for export inputs

Validity for duty credit scrips raised from 18 months to 24 months

Single point contact for trade queries launched on DGFT portal

Team to be set up to assist exporters

Fast filing of Export General Manifest for duty drawback

Single window system for export of perishable agriculture produce

Only 3 mandatory documents for exports & imports each

Consignment of export items not to be withheld for any reason by Govt.

24/7 customs clearance facility for all bills of entry

Enhanced insurance cover for exporters

 

Merchandise Exports

MEIS incentives raised by 2% to 4% for all labour intensive sector exports

Benefits to Leather, Handicrafts, Carpets, Sports goods, Agriculture, Marine, Electronic Components, Project Exports

MEIS incentives for two sub-sectors of textiles, ie, ready-made garments and made ups already been increased from 2% to 4%,

 

Services Exports

SEIS incentives increased by 2%.

SEIS incentives increased by 2% for all notified sectors such as educational, hospital, hotels & restaurants, biz, legal, accounting, architectural, etc.