India’s Commerce department requests plans to increase exports

Tuesday, 08 May 2018 23:07:32 (GMT+3)   |   San Diego
       

In the first meeting on the Export Promotion Strategy, India’s Commerce and Industry Minister Suresh Pabhu has requested for various departments and ministries to immediately submit both short-term and long-term action plans to increase India’s exports. He emphasized that exports are important for India and “sustained growth in shipments is critical.” The Ministry of External Affairs was noted as the entity to assist in the implementation of the plans abroad.

He stated that due to the rising protectionist tendencies, “a holistic approach to manufacturing and exports is necessary.” He also stated that the Directorate General of Foreign Trade (DGFT) has been assigned to works with states to assist them in formulating and implementing active export policies.

In line with the export focus, the Export Promotion Capital Goods (EPCG) scheme that refunds duties for imported materials used in export items will continue but refunds will be supported by the GST (Goods and Service Tax integrated system) starting October 1, 2018. The DGFT agency also provides a higher interest subsidy to exporters. The government is in the works for increasing the interest subsidy from 3 percent to 5 percent. According to statements by the agency, the interest subsidy helps neutralize or minimize infrastructure inefficiencies within the country to assist entities in competing abroad.


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