New Delhi,  Sep 16 (KNN) Union Finance Minister Nirmala Sitharaman announced third set of government decision focussing on providing a fillip to exporters to revive economy.

On exports, Sitharaman said "One major decision is that of setting up of scheme for remission of duties or taxes on export product,  which will replace tge merchandise exports from India scheme (MEIS).

The existing dispensation in textiles of MEIS and the old ROSL (Rebate of State Levies) will continue up to December 31, 2019, the Minister added.

In another move aimed at freeing up the working capital of exporters, the Finance Minister announced a fully electronic refund module for the quick and automated refund of input tax credits that will become operational by the end of this month

Besides this, to increase bank credit to exporters, the Export Credit Guarantee Corporation (ECGC) will expand the scope of its Export Credit Insurance Scheme to provide a higher insurance cover to banks that are lending working capital for exports.

Commenting on the announcements, Co-Founder and Co-CEO of Drip Capital, a US & India based trade finance firm, Pushkar Mukewar said "The finance minister's announcement that an additional Rs 36,000 crore to Rs 68,000 crore will be made available as export credit under the priority sector is definitely good news."

He said that the government's plans to boost exports by leveraging technology is also a good step.

"We would have liked to see some attention given to upskilling workers in export-oriented MSMEs. On the whole, the finance minister's announcement today seems to show that the government is serious about trying to fix the economy by focussing on exports", he added.

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