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Centre extends duty incentives to boost exports

Date 31-Oct-2015
Subject Centre extends duty incentives to boost exports

NEW DELHI: In a move to give support to the country's falling exports, the commerce ministry today announced increased 

support for export of various products and included some additional items under the Merchandise Exports from India Scheme 

(MEIS). 

While medical instruments and sports goods have been added for the first time in the incentive scheme, higher support has 

been allowed for cashews, readymade garments, paper mache products and handmade shawls of wool. The current revision has 

added 110 new tariff lines to the MEIS. 

"Additional countries have been covered for selected Leather products, iron, steel, and base metals, products," said an 

official release. 

The MEIS was introduced in the Foreign Trade Policy 2015-20 with product and market focussed incentives under which rewards 

are payable by way of the MEIS duty credit scrip, which can be transferred or used for payment of a number of duties 

including the basic customs duty. 

The government also announced higher support to many product that are manufactured by small and medium enterprises such as 

industrial machinery, machine tools, bicycle parts and hand tools used in agriculture, among others. 

Earlier this month, the government increased the allocations under MEIS to Rs 21,000 crore from Rs 18,000 crore to give a 

boost to shipments. 

The support has come at a time when India's merchandise exports fell by nearly a quarter in September, the tenth straight 

month when they have shrunk, raising worries about the country's 2015-16 shipments falling short of last year's level.

Source:economictimes.indiatimes.com

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