Highlights of mid-term review of Foreign Trade Policy

NEW DELHI: Following are the highlights of the Mid-Term Review of the Foreign Trade Policy (FTP) 2015-20 released by Commerce and Industry Minister Suresh Prabhu here today:

*Scope of Merchandise Exports from India Scheme (MEIS) and Service Exports from India Scheme (SEIS) enhanced.

*MEIS incentive raised for ready-made garments and made- ups by 2% (additional annual outgo Rs 2,743 crore).

*Across-the-board increase of 2 per cent in existing MEIS for exports by MSMEs/labour incentive industries (Rs 4,567 crore).

*Annual incentive increased by 34 per cent to Rs 8,450 crore.

*SEIS incentives raised by 2 per cent with a view to boosting services sector exports (Rs 1,140 crore).

*Validity of Duty Credit Scrips increased from 18 months to 24 months to enhance their utility in GST framework.

*To focus on improving ease of trading across borders for exporters and importers.

*Professional team to handhold, assist and support exporters in accessing markets, meeting regulatory norms.

*New Logistics Division to promote integrated development of the logistics sector.

*State-of-the-art trade analytics division in DGFT for data-based policy actions.

*New agricultural exports policy to focus on increasing exports of value-added agri products.

*New Services Division in DGFT to examine Exim policies and procedures to push services exports.

*Supplies of goods and services to SEZs to be treated as zero rated under GST.

*Import of second hand goods for repair/refurbishing/re- conditioning/re-engineering made free.

*Increase focus on exploring new markets and products, raising share in traditional markets and products.

*Promotion of exports by MSMEs and labour intensive sectors to increase employment opportunities for youth.

*To enhance participation of Indian industry in global value chains.