Union Government announces enhanced support under MEIS of Foreign Trade Policy
The Union Government has extended support to certain new products and the rate of incentives for certain other specified products under the Merchandise Exports from India Scheme (MEIS).
Decision in this regard was taken by Department of Commerce (DoC) under the Ministry of Commerce & Industry in backdrop of the continued decline in growth of Indian goods exports.
- DoC has added 2901 additional products falling under different product categories under the MEIS.
- With this the total number of items (products) covered under the scheme has been increased from 5,012 to 7,103.
- The major products added include several items of traditional medicines, dried onion, processed cereal products, marine products and value added items of plastics, leather articles and suitcases.
- The total government support extended under the scheme has been enhanced to Rs. 23,500 crore per annum from the present Rs. 22,000 crore.
- Besides, products that will get incentives include engineering goods, garments, fabrics, chemicals, glass products, ceramics, leather goods, periodicals, newspapers, silk items, wool products, made ups, tubes and pipes.
What is 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 a 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 seeks to enhance India’s export competitiveness of these goods and products having high export intensity, employment potential.