New Delhi: Commerce and Industry Minister Piyush Goyal unveiled the steps on Friday to make easier Arrangements for exporters special economic zonewith them export-oriented units Or utilizing the advance authorization scheme and providing benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme.
while noting that stuff export While growth in February was “much better” than January it may still be slightly lower than last year due to weak oil prices, he said, calling on businesses to set an ambitious target for the next financial year. “After 55% growth in two years, this was a year of consolidation. Next year, let’s move towards an ambitious target,” he told the export promotion councils.
Last year, India’s goods exports grew 7% to $451 billion, while services exports rose 27% to $322 billion. The minister said that despite geopolitical tensions, total exports will remain almost at last year’s level due to a slight decline in goods exports and an increase in services exports.
He announced a revised Electronic Bank Realization Certificate (EBRC) scheme for exporters, which will reduce a lot of paperwork in getting export earnings into their bank accounts. The new mechanism will be largely based on self-declaration and data will be transmitted electronically.
Further, the government also decided to relax the rules for granting exemption from quality control orders on inputs used by EOU and Advance Authorization Scheme beneficiaries for exports. Textile steel and DPIIT-administered inputs will benefit from this. The Advance Authorization Scheme allows business to import duty free inputs for goods that are meant for export.
Goyal said the benefit of RoDTEP will be available for EOUs and advance authorization scheme from Monday, while for SEZs it is likely to be operational by April as there are some technical issues which are being rectified. This facility is currently available till September and a decision on its extension will be taken after the presentation of the full budget.
Director General of Foreign Trade Santosh Sarangi also announced an outreach program in districts for small artisans, handloom and handicrafts and other sectors as part of the government’s efforts to promote e-commerce exports from the country.
while noting that stuff export While growth in February was “much better” than January it may still be slightly lower than last year due to weak oil prices, he said, calling on businesses to set an ambitious target for the next financial year. “After 55% growth in two years, this was a year of consolidation. Next year, let’s move towards an ambitious target,” he told the export promotion councils.
Last year, India’s goods exports grew 7% to $451 billion, while services exports rose 27% to $322 billion. The minister said that despite geopolitical tensions, total exports will remain almost at last year’s level due to a slight decline in goods exports and an increase in services exports.
He announced a revised Electronic Bank Realization Certificate (EBRC) scheme for exporters, which will reduce a lot of paperwork in getting export earnings into their bank accounts. The new mechanism will be largely based on self-declaration and data will be transmitted electronically.
Further, the government also decided to relax the rules for granting exemption from quality control orders on inputs used by EOU and Advance Authorization Scheme beneficiaries for exports. Textile steel and DPIIT-administered inputs will benefit from this. The Advance Authorization Scheme allows business to import duty free inputs for goods that are meant for export.
Goyal said the benefit of RoDTEP will be available for EOUs and advance authorization scheme from Monday, while for SEZs it is likely to be operational by April as there are some technical issues which are being rectified. This facility is currently available till September and a decision on its extension will be taken after the presentation of the full budget.
Director General of Foreign Trade Santosh Sarangi also announced an outreach program in districts for small artisans, handloom and handicrafts and other sectors as part of the government’s efforts to promote e-commerce exports from the country.