India’s exports in August 2018 declined by 6.05 percent compared to August 2018. Nirmala Sitharaman on Saturday announced a waiver or exemption of taxes on the Export Product (RODTEP) scheme to boost exports. The minister said that the revenue estimate for the scheme is Rs 50,000 crore.
The announce comes in the backdrop of India’s trade exports of US $ 26.13 billion in August, down 6.05 percent compared to the month of August.
Nirmala Sitharaman said, Exemption of duty or taxes on export products (RODTEP) is a new scheme. It will replace all merchandise exports with the India Scheme (MEIS) from January 1, 2020.
Union Minister @nsitharaman announces measures to boost exports pic.twitter.com/vIBhPxp9wR
— PIB India (@PIB_India) September 14, 2019
Nirmala Sitharaman said, the move is aimed at quick and automatic refund of ITC.
To further boost exports, Nirmala Sitharaman said, Textiles and sectors that currently enjoy incentives of up to 2% on MEIS will transit to RoDTEP from 1 January. In effect, he said, RoDTEP would more than adequately incentivize exporters compared to existing plans.
Sitharaman also said that the government will provide a higher insurance cover to the banks that lend capital for exports.
The Finance Minister announced, “Export Credit Guarantee Corporation (ECGC) will expand the scope of ECIS. And in one step provide higher insurance cover to banks lending working capital for exports, costing Rs 1,700 crore per annum.”
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