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Highlights of mid-term review of Foreign Trade Policy

Press Trust of India  |  New Delhi 

Following are the highlights of the Mid-Term Review of the Foreign Trade Policy (FTP) 2015-20 released by Commerce and Industry Minister Suresh Prabhu here today: *Scope of Merchandise from Scheme (MEIS) and Service from Scheme (SEIS) enhanced. *MEIS incentive raised for ready-made garments and made- ups by 2% (additional annual outgo Rs 2,743 crore). *Across-the-board increase of 2 per cent in existing MEIS for by MSMEs/labour incentive industries (Rs 4,567 crore). *Annual incentive increased by 34 per cent to Rs 8,450 crore. *SEIS incentives raised by 2 per cent with a view to boosting services sector (Rs 1,140 crore). *Validity of Duty Credit Scrips increased from 18 months to 24 months to enhance their utility in framework. *To focus on improving ease of trading across borders for exporters and importers. *Professional team to handhold, assist and support exporters in accessing markets, meeting regulatory norms. *New Logistics Division to promote integrated development of the logistics sector. *State-of-the-art trade analytics division in DGFT for data-based policy actions. *New agricultural policy to focus on increasing of value-added agri products. *New Services Division in DGFT to examine Exim policies and procedures to push services *Supplies of goods and services to SEZs to be treated as zero rated under *Import of second hand goods for repair/refurbishing/re- conditioning/re-engineering made free. *Increase focus on exploring new markets and products, raising share in traditional markets and products. *Promotion of by MSMEs and labour intensive sectors to increase employment opportunities for youth. *To enhance participation of Indian industry in global value chains.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 05 2017. 18:55 IST