It's time to phase out some of export promotion schemes: Economic Survey

Survey suggests rationalisation owing to GST subsuming duties

The government should streamline the various export promotion schemes currently running while aiming to phase out some of them, the Economic Survey has suggested.

“Many duties have been subsumed under GST and if tariffs are reduced to be realised or near realised levels, some export promotion schemes can be phased out,” the Survey said.

Recognised exporters of manufactured goods receive credit incentives, generally in the form of duty drawbacks, in various forms. The three major sector-specific ones are the Advance Authorisation Scheme, Export Promotion Capital Goods Scheme and the Deemed Exports Scheme, accounting for Rs 35,000 crore in government payouts.