Dec 17: The Government has taken the following measures to boost exports and reduce the trade deficit:
- Foreign Trade Policy (2015-20) extended up to 31-03-2023.
- Interest Equalization Scheme on pre and post-shipment rupee export credit has also been extended up to 31-03-2024.
- Assistance is provided through several schemes to promote exports, namely, Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme.
- The rebate of State and Central Levies and Taxes (RoSCTL) Scheme to promote labour-oriented textile export has been implemented since 07.03.2019.
- The remission of the Duties and Taxes on Exported Products (RoDTEP) scheme has been implemented since 01.01.2021.
- A common Digital Platform for certificates of Origin has been launched to facilitate trade and increase Free Trade Agreement (FTA) utilization by exporters.
- 12 Champion Services Sectors have been identified for promoting and diversifying services exports by pursuing specific action plans.
- Districts as Export Hubs have been launched by identifying products with export potential in each district, addressing bottlenecks for exporting these products and supporting local exporters/manufacturers to generate employment in the district.
- The active role of Indian missions abroad towards promoting India’s trade, tourism, technology and investment goals has been enhanced.
- The package was announced in light of the COVID pandemic to support the domestic industry through various banking and financial sector relief measures, especially for MSMEs, which constitute a major share of exports.
