Indian export sector receives major sops
Following the weak recovery in major export markets, the exporters and the concerned industry on Monday welcomed incentives worth Rs 1,052 crore announced by the government under the Duty Entitlement Passbook Scheme.
FOLLOWING THE weak recovery in major export markets, the exporters on Monday welcomed incentives worth Rs 1,052 crore announced by the government under the Duty Entitlement Passbook Scheme.
Earlier, the scheme was to expire on December 31 but the government made available $1.88 billion (Rs 88 billion approximately), thus making it one of the biggest incentives to the exporters. The process and steps mentioned in the Foreign Trade Policy are expected to help India achieve its set target of $200 billion in this fiscal year. Exports stood at $178.66 billion last year. The scheme meant for exporters for a period of six months along with various other incentives will aim at stabilising the export growth in the midst of the recuperating global economic downturn.
The incentives will be provided in the form of duty free scrips (valued at 2% of the export value). The scrips can either be utilised to import products duty free or can be sold in the market to other importers. The scrips will be offered to selected sectors like handicrafts, handloom, silk carpets, leather and leather manufacturers, sports goods, toys and select bicycle parts. On the move initiated by the ministry, President of the Federation of Indian Export Organisations (FIEO) ) A Sakthivel said that they (the sector) are happy that the sectors which were not doing well have been considered.
The incentives will be provided in the form of duty free scrips (valued at 2% of the export value). The scrips can either be utilised to import products duty free or can be sold in the market to other importers. The scrips will be offered to selected sectors like handicrafts, handloom, silk carpets, leather and leather manufacturers, sports goods, toys and select bicycle parts. On the move initiated by the ministry, President of the Federation of Indian Export Organisations (FIEO) ) A Sakthivel said that they (the sector) are happy that the sectors which were not doing well have been considered.
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