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12/12/2019 11:29am

Tariff concessions under FTA gives export opportunities to SMEs: Piyush Goyal

image Tariff concessions under FTA gives export opportunities to SMEs: Piyush Goyal

New Delhi, Dec 12 (KNN) Union Minister of Commerce and Industry Piyush Goyal has said that the tariff concessions under the Free Trade Agreements (FTAs) signed by India gives export opportunities for products including those from Small and Medium Enterprises (SMEs).

The SME products on which such concessions are offered by India’s trading partners including Japan, South Korea and some ASEAN countries, belong to categories including readymade garments, leather goods, processed foods, and engineering products such as auto components, Goyal informed Lok Sabha on Wednesday.

Micro Small and Medium Enterprises (MSMEs) focused export promotion schemes include participation in international exhibitions and fairs, training programme on the packaging for exports, Market Development Assistance (MDA) Scheme for MSME exporters and National Award for quality products.

The minister added that the Interest Equalization Scheme on pre and post-shipment rupee export credit was launched in 2015 to give interest equalisation at 3 per cent for labour intensive and MSME sectors. The rate was increased to 5 per cent for MSME sectors in November last year while the merchant exporters were covered under the scheme from January 2019 onwards.

Interest Equalization Scheme on pre and post shipment rupee export credit was introduced in 2015 providing interest equalisation at 3 per cent for labour intensive/MSME sectors. The rate was increased to 5% for MSME sectors with effect from 2.11.2018 and merchant exporters were covered under the scheme with effect from 2.1.2019.

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