Government initiatives on pre and post shipment rupee export credit, etc- (Press Information Bureau) (20 Dec 2023)

MANU/PIBU/3952/2023

Customs

Government has taken the following export promotion initiatives:-

i New Foreign Trade Policy was launched on 31st March, 2023 and it came into effect from 1st April, 2023.

ii Interest Equalization Scheme on pre and post shipment rupee export credit has also been extended upto 30-06-2024 with additional allocation of Rs. 2500 crores.

iii Assistance provided through several schemes to promote exports, namely, Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme.

iv Rebate of State and Central Levies and Taxes (RoSCTL) Scheme to promote labour oriented sector export has been implemented since 07.03.2019.

v Remission of Duties and Taxes on Exported Products (RoDTEP) scheme has been implemented since 01.01.2021. With effect from 15.12.2022, uncovered sectors like pharmaceuticals, organic and inorganic chemicals and article of iron and steel has been covered under RoDTEP. Similarly, anomalies in 432 tariff lines have been addressed and the corrected rates have been implemented with effect from 16.01.2023.

vi Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase Free Trade Agreement (FTA) utilization by exporters.

vii Districts as Export Hubs initiative has been launched by identifying products with export potential in each district, addressing bottlenecks for exporting these products and supporting local exporters/manufacturers to generate employment in the district.

viii Active role of Indian missions abroad towards promoting India's trade, tourism, technology and investment goals has been enhanced.

ix Regular monitoring of export performance with Commercial Missions abroad, Export Promotion Councils, Commodity Boards/ Authorities and Industry Associations and taking corrective measures from time to time.

Following measures have been taken by the Government to maximize the growth of domestic markets and to expand its reach globally;-

i. Pradhan MantriGati Shakti

ii. National Logistics Policy

iii. National Industrial Corridor Development Programme

iv. GIS enabled Land Bank- India Industrial Land Bank (IILB)

v. Industrial Park Rating System (IPRS)

vi. Productivity Linked Incentive (PLI)

vii. Make In India

viii. Startup India

ix. One District One Product

x. National Single Window System

A new Chapter has been introduced within the Foreign Trade Policy (FTP), 2023 that aims to promote e-Commerce exports by bringing such exporters under the ambit of various export promotion schemes of the Government. In line with the special emphasis laid in the FTP 2023 on e-commerce exports, the outreach events are being held in the districts under Districts as Export hubs initiative with focus on promoting e-commerce exports of the identified goods from the districts in collaboration with various stakeholders including the e-commerce platforms, various concerned central and state government departments such as the Department of Posts, Central Board of Indirect Taxes and Customs (CBIC), Banks, Ministry of Micro, Small and Medium Enterprises (MSME), Export Promotion Councils, Local Trade Associations/Chambers of Commerce, District Industries Centers, etc.

Tags : EXPORT PROMOTION INITIATIVES EXPORT CREDIT