FICCI Welcomes Mid-Term Review of Foreign Trade Policy

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NEW DELHI, December 5 2017: "Mid-term review of the Foreign Trade Policy 2015-20 contains several positive features. FICCI is happy to see across-the-board rise of 2% in MEIS incentive for exports by MSMEs and labour intensive sectors. This step was much-needed", FICCI Secretary General Dr.Sanjaya Baru said.

"We also welcome the trust-based approach as reflected in the new self-ratification scheme for duty-free import of raw materials. It will greatly help in expediting export of a number of important products such as engineering, pharmaceuticals, chemicals, textiles and high-tech products" Dr. Baru observed while commenting on the mid-term review of the FTP.
2% increase in the SEIS incentive for services like Business, Legal, Accounting, Architectural, Engineering, Educational, Hospital, Hotels and Restaurants would provide impetus for boosting India's service exports in non-IT areas. Other positive points include contact@dgft service for trade facilitation; raising the validity period of duty credit scrips from 18 to 24 months; elimination of the earlier 12% GST for transfer/sale of scrips; and creation of a new logistics division in the Department of Commerce, FICCI said in a statement here today.

"While these measures are useful, we have to recognize that effective exchange rate management would be critical to achieve a significant increase in exports from India", FICCI Secretary General added.

Date: 
Tuesday, December 5, 2017