Government announces enhanced support under Merchandise Exports from India Scheme (MEIS) of the Foreign Trade Policy
In the backdrop of the continued challenging global environment being faced by Indian exporters, Department of Commerce has extended support to certain new products and enhanced the rate of incentives for certain other specified products under the Merchandise Exports from India Scheme (MEIS). This has been implemented through DGFT public Notice No 32 dated 22.09.2016.
The following are the major highlights of the support:-
Addition of new products –
2901 additional products falling under different product categories have been added. These include items in the following areas:
Many items of traditional medicines like Ashwagandha herbs and its extracts, other herbs, extracts of different items.
Certain marine products, sea feed items.
Onion dried, processed cereal products and other value added items of plastics, lather articles, suitcases etc
Industrial products under different categories, including engineering goods, fabrics, garments, chemicals, ceramics, glass products, leather goods, newspapers, periodicals, silk items, made ups, wool products, tubes, pipes etc.
Increase in MEIS rates –
Rates of 575 product items falling under 11 products categories have been increased. These product include products of iron and steel, handicrafts, moulded and extruded goods, rubber, ceramic, glass, auto tyres and tubes, industrial machinery engineering items, IC Engines, machine tools / parts, items of wood, paper, stationary, footwear, auto seats, steel furniture, prefabs, items under the category of butter, ghee and cheese, dried egg albumin and rubber products
With this the total number of items covered under the scheme has been increased from 5012 to 7103. The total support extended by Government of India under the scheme has been enhanced from the present Rs 22,000 crore to Rs 23,500 crore per annum.