New Delhi, September 24, 2016: The Centre has announced additional incentives worth Rs. 1,500 crore for exporters to help them fight the continued slowdown in global demand.
The number of items eligible for sops under the existing Merchandise Exports from India Scheme (MEIS) has been increased to 7,103 from 5,012. The rate of incentives has also been increased for certain products.
“The total support extended by the Centre under the scheme has been enhanced from the present ₹22,000 crore to ₹23,500 crore per annum,” an official release of the Commerce Ministry said.
The expanded MEIS list includes traditional medicines, marine products, industrial goods, processed food, silk items and wool products. Under the MEIS, exporters get duty free scrips to import inputs (based on a percentage of value of their exports) which they can freely transfer to others or sell.
The rate of incentive under the scheme for 575 products has been increased. These include iron and steel, handicrafts, moulded and extruded goods, rubber, ceramic, glass, auto tyres and tubes, industrial machinery engineering items, IC Engines, machine tools, footwear, ghee & cheese and rubber products.
Hindu Business Line
