150 high tech products to get export sops
Updated: Jul 09, 2013 06:08:49pm
New Delhi, Jul 9 (KNN) As many as 150 high tech products from engineering, electronics, chemicals and pharmaceuticals will now be eligible for export incentives equivalent to two per cent of the value of the shipment.
These incentives are being made available by the Commerce Ministry under the Focus Product Scheme.
Under the Focus Product Scheme, incentives are given to exporters to promote particular sets of products.
The latest decision follows recommendations of a committee which was announced in April this year by the Commerce and Industry Minister, Anand Sharma, while unveiling the Foreign Trade Policy.
During the Foreign Trade Policy (FTP) announcements on 18th April, 2013, the Minister had mentioned that export of High Tech Products would be incentivised and it would be separately notified.
“In pursuance of this objective, a Task Force was set up under the Chairmanship of Shri Rajiv Kher, Additional Secretary in Department of Commerce (DoC) to study the list of items eligible for such benefit under Focus Product Scheme (FPS),” said an official notification.
Thereafter, Sharma also convened a meeting with leading Chambers of Commerce and Industry and Export Promotion Councils on July-1 to invite suggestions in this regard as also for increasing India’s exports. The participants were asked to submit their suggestions by July-5.
The report of the committee and suggestions received from industry bodies has been analysed by the Department of Commerce (DoC) before including the new products under the scheme.
Engineering items are among the top in the export basket.
India’s exports witnessed a decline of 1.1 per cent in May after a suspension of gold exports in special economic zones (SEZ) while imports continued to grow at a rate close to 7 per cent leaving a trade deficit of over USD 20 billion.
The weakness in European markets too impacted the country’s exports.
India’s exports in May were at USD 24.51 billion compared to USD 24.78 billion in the same month of 2012. Imports in May grew USD 44.65 billion. The most worrisome remained the gold and silver imports, which grew by 89 per cent to USD 8.39 billion, official data said.
The trade deficit at USD 20.1 billion due to high gold and oil imports remained at a seven-month high. (KNN)
These incentives are being made available by the Commerce Ministry under the Focus Product Scheme.
Under the Focus Product Scheme, incentives are given to exporters to promote particular sets of products.
The latest decision follows recommendations of a committee which was announced in April this year by the Commerce and Industry Minister, Anand Sharma, while unveiling the Foreign Trade Policy.
During the Foreign Trade Policy (FTP) announcements on 18th April, 2013, the Minister had mentioned that export of High Tech Products would be incentivised and it would be separately notified.
“In pursuance of this objective, a Task Force was set up under the Chairmanship of Shri Rajiv Kher, Additional Secretary in Department of Commerce (DoC) to study the list of items eligible for such benefit under Focus Product Scheme (FPS),” said an official notification.
Thereafter, Sharma also convened a meeting with leading Chambers of Commerce and Industry and Export Promotion Councils on July-1 to invite suggestions in this regard as also for increasing India’s exports. The participants were asked to submit their suggestions by July-5.
The report of the committee and suggestions received from industry bodies has been analysed by the Department of Commerce (DoC) before including the new products under the scheme.
Engineering items are among the top in the export basket.
India’s exports witnessed a decline of 1.1 per cent in May after a suspension of gold exports in special economic zones (SEZ) while imports continued to grow at a rate close to 7 per cent leaving a trade deficit of over USD 20 billion.
The weakness in European markets too impacted the country’s exports.
India’s exports in May were at USD 24.51 billion compared to USD 24.78 billion in the same month of 2012. Imports in May grew USD 44.65 billion. The most worrisome remained the gold and silver imports, which grew by 89 per cent to USD 8.39 billion, official data said.
The trade deficit at USD 20.1 billion due to high gold and oil imports remained at a seven-month high. (KNN)
Loading...
