With a view to increase our share of trade in global trade, the Government of India continuously monitors the export performance of different sectors and takes need based measures from time to time, keeping in view the financial and overall economic implications. Review of Foreign Trade Policy is a part of this strategy, and Annual Supplements to the Foreign Trade Policy (2009-14) were announced time to time. The last Annual Supplement was announced on 18.4.2013.
Further in order to boost Exports, Government has taken a number of measures, which, inter alia, include the following:
Two percent Interest Subvention Scheme, which was available for certain export sectors viz. Handicrafts, Carpet, Handlooms, SMEs, Readymade Garments, Processed Agriculture Products and Toys, was widened to include 134 tariff lines of Engineering Sector w.e.f 1st January, 2013. Government enhanced the rate of Interest Subvention from 2% to 3 % with effect from 1 August 2013. As part of product diversification and market diversification strategy, 47 new items were added to Market Linked Focus Product Scheme (MLFPS) and 122 new items were added to the Focus Product Scheme (FPS). Government also notified 153 hi-tech products on 10 July 2013 under Focus Product Scheme making them eligible for duty script at the rate of 2%.Powered by Capital Market - Live News