Foreign Trade Policy- Mid Term Review,2017
The mid-review of Foreign Trade Policy finally stands released today on 5th 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.
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