Textiles Industry Current Affairs - 2019
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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.