Mumbai, Dec 3 (KNN) The industry associations from across different sectors representing country’s micro, small and medium enterprises (MSMEs) asked the DGFT to issue clarifications on new merchandise trade policy and also on the new scheme of remission of duties on exports.

The new scheme of remission of duties on exports will replace the existing merchandise exports scheme from next year.

The Additional Directorate General of Foreign Trade (DGFT) Meeta Rajivlochan was addressing the association including Chemexcil, Capexil, Plexconcil and Shefexil at the inaugural session of the three-day CapIndia summit here.

Rajivlochan said there is a huge opportunity to increase plastic exports as globally it is a USD 1-trillion business.

"The plastic sector has grown by over 16 percent in FY19 to USD 19 billion but there is still more scope to grow our exports," she said, adding there is also scope for chemicals, plastics and petrochemicals to grow.

Plastic products from the country are exported to over 210 countries, and the industry, comprising over 50,000 units, employs over 5 million.

The associations also urged the government to help develop the basic materials industry serving the infrastructure and construction sectors through focused policies such as relaxed FDI norms.

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