FOREIGN TRADE POLICY OF INDIA FY- 2015-2020
Aiming to nearly double India’s exports of goods and services to $900 billion by 2020, the government has announced on 1st April 2015 several incentives in the five-year Foreign Trade Policy for exporters and units in the Special Economic Zones.
Unveiling the first trade policy of the NDA government, Commerce Minister Nirmala Sitharaman said the FTP (2015-20) will introduce Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS) to boost outward shipments.
Following are the highlights of the Foreign Trade Policy 2015-20 announced by Commerce & Industry Minister Nirmala Sitharaman on 1st April 2015:
- Increase exports to $900 billion by 2019-20, from $466 billion in 2013-14
- Raise India’s share in world exports from 2% to 3.5%.
- Merchandise Export from India Scheme (MEIS) and Service Exports from India Scheme (SEIS) launched.
- Higher level of rewards under MEIS for export items with High domestic content and value addition.
- Chapter-3 incentives extended to units located in SEZs.
- Export obligation under EPCG scheme reduced to 75% to Promote domestic capital goods manufacturing.
- FTP to be aligned to Make in India, Digital India and Skills India initiatives.
- Duty credit scrips made freely transferable and usable For payment of custom duty, excise duty and service tax.
- Export promotion mission to take on board state Governments
- Unlike annual reviews, FTP will be reviewed after two-and-Half years.
- Higher level of support for export of defence, farm Produce and eco-friendly products.
Source : DNA News & DGFT.Govt.IN
For more Details refer to the following Links Foreign Trade Policy 15-20 & Highlights of Foreign Trade Policy 2015-20