The government has taken measures to enhance exports

Dec 17: The Government has taken the following measures to boost exports and reduce the trade deficit:

  1. Foreign Trade Policy (2015-20) extended up to 31-03-2023.
  2. Interest Equalization Scheme on pre and post-shipment rupee export credit has also been extended up to 31-03-2024.
  3. Assistance is provided through several schemes to promote exports, namely, Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme. 
  4. The rebate of State and Central Levies and Taxes (RoSCTL) Scheme to promote labour-oriented textile export has been implemented since 07.03.2019.
  5. The remission of the Duties and Taxes on Exported Products (RoDTEP) scheme has been implemented since 01.01.2021.
  6. A common Digital Platform for certificates of Origin has been launched to facilitate trade and increase Free Trade Agreement (FTA) utilization by exporters.
  7. 12 Champion Services Sectors have been identified for promoting and diversifying services exports by pursuing specific action plans.
  8. 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.
  9. The active role of Indian missions abroad towards promoting India’s trade, tourism, technology and investment goals has been enhanced.
  10. 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.

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