To boost exports in the country, the mid-tern review of the Foreign Trade Policy (FTP) 2015-20 released by the Indian government has announced a slew of new measures that will boost to trade facilitation and has given thrust on ease of doing business. “The mid-term review of FTP will leverage the long term advantages of GST in terms of reduced compliance and logistics costs,” Union Commerce and Industry Minister Suresh Prabhu said.
There has been increase in the MEIS incentives for two sub-sectors of textiles – ready-made garments and made-ups from 2 percent to 4 per cent, with an additional annual incentive of Rs 2,743 crore. The main highlights of the FTP 2015-20 are the Incentives worth Rs 8,000 crore, focus on MSMEs, labour-intensive segments and agriculture sector.
The mid-term review has also taken follow initiatives like the doing away with the testing of samples for drawback purpose and the introduction of e-sealing facility for exporters which will lead to quick clearances of the consignment.
The release will help the exporters on ease of trading across borders, exploring new export products and markets, simplification of procedures and processes and establishing National Trade Facilitation Committee which will be headed by Cabinet Secretary. An enhanced support will be given to Export Credit Guarantee Corporation to provide insurance cover while exploring new markets by MSMEs.
– Apparel and Textile News, Apparel Talk, Indian Apparel
