India Inc Cheers Revised Foreign Trade Policy

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To improve exports which have been for quiet sometime faltering after the GST implementation and pending refunds on taxes paid and ITC, the government in its FTP review on Tuesday introduced a slew of measures to boost up the ailing sector.

India Inc Cheers Revised Foreign Trade Policy

A grant to the tune of Rs. 8450 crore has been rolled out as incentive for exporters to boost the sentiment as well as create job opportunities.

The scope of the various export promotion schemes has been enhanced.that finds favour with Indian corporate. "Mid-term review of the FTP 2015-20 contains several positive features. Ficci is happy to see across-the-board rise of 2 per cent in MEIS (Merchandise Exports from India Scheme) incentive for exports by MSMEs (Micro, Small & Medium Enterprises) and labour intensive sectors. This step was much-needed.", said FICCI Secretary General in an IANS report.

Duty-free import of raw material shall help in promoting exports of some significant products including pharma, engineering, chemicals, high-tech products and textiles.

Other than this steps have been addressed to increase footprint of India in other markets as well as devise an effective exchange rate management system to better trade.

Despite this stimulus the repo rate in today's monetary policy meet is unlikely to see a downside due to rising inflation and crude oil price concerns.

Story first published: Wednesday, December 6, 2017, 14:04 [IST]
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