Government Scheme Current Affairs - 2019

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Government approves Monthly Pension Scheme for Traders

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved Rs.3000 monthly pension scheme for small retail traders and shopkeepers after they attain the age of 60 years.

Salient Features of Scheme

  • About: Under the scheme all small shopkeepers, retail traders and self-employed persons are assured a minimum of Rs.3,000 monthly pension after attaining 60 years of 60 years.
  • Beneficiary: The new pension scheme that offers pension coverage to the trading community will cover 3 crore small retail traders and shop keepers.
  • Eligibility: All small shopkeepers, self-employed persons and retail traders aged between 18-40 years and with Goods and Service Tax (GST) turnover below Rs.1.5 crore can enrol for pension scheme.
  • Enrollment: The scheme is based on self-declaration as no documents are required except bank account and Aadhaar Card. Also, the interested persons can enrol themselves via more than 3,25,000 Common Service Centres  (CSC) spread across India.
  • Government Contribution: The Central Government will make matching contribution (same amount as subscriber contribution) i.e. equal amount as subsidy into subscriber’s pension account every month.
  • Significance: Since ages India has a rich tradition of trade and commerce and our traders make a strong contribution to India’s economic growth. Therefore, cabinet decision will benefit the trading community. This pension scheme is a part of Prime Minister’s vision to provide a robust architecture of universal social security.

DGFT doubles incentives rates for garments under Merchandise Exports from India Scheme

Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry has doubled rates for incentives under Merchandise Exports from India Scheme (MEIS) from 2% to 4% of value of exports.

The rates for incentives under this scheme have been enhanced for two subsectors of textiles industry — readymade garments and made-ups. This measure will incentivise the exports of labour intensive sectors of readymade garments and made-ups and contribute to employment generation.

Merchandise Exports from India Scheme (MEIS)

MEIS was launched under Foreign Trade Policy of India (FTP) 2015-20. It is one of the two schemes introduced in FP 2015-20, as part of Exports from India Scheme. The other scheme is Service Exports from India Scheme (SEIS).

Objective of MEIS is to offset infrastructural inefficiencies and associated costs involved in export of goods and products, which are produced and manufactured in India. It also seeks to enhance India’s export competitiveness of these goods and products having high export intensity, employment potential. Under this scheme, Ministry of Commerce gives duty benefits to several products. It provides duty benefits at 2%, 3% and 5% depending upon the product and country.