The commerce ministry is working with its finance counterpart on industry's demand for renewal and increase in the rates of interest equalisation scheme, and a solution in this regard is expected soon, a senior official said on Friday.
Under the scheme, exporters get 3-5 per cent subsidy on loans for specified items. It was announced in April 2015 for five years. The scheme has already expired this month and exporters are demanding extension of the plan.
Director General of Foreign Trade Amit Yadav said the government is currently working on the rates for the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme and urged the industries to come forward with their inputs so as to finalise the same in the next few months.
He said this while speaking at a digital conference on exports organized by industry body Confederation of Indian Industry (CII).
"With respect to the renewal and increase in the rates of the interest equalisation scheme, he mentioned that the DGFT is working with the Ministry of Finance on this and will come up with a solution to this very soon," CII said in a statement quoting Yadav.
Also Read
The DGFT said that the world and India is currently facing a challenging situation due to the Covid-19 pandemic.
The industry has recommended several measures to boost exports for the consideration of the government
The suggestions include extension of interest subsidy scheme to all exporters; additional export rebate of around 5 per cent; exemption of National Calamity Contingent Duty (NCCD) on import of inputs made under advance authorization; and more time to fulfil export obligations under Export Promotion Capital Goods (EPCG) license, it said.
CII also demanded expeditious formulation of RoDTEP scheme with priority for aluminum industry; waiver of application fees for EPCG authorisations; and import duty deferment by minimum 45 days.
In the conference, industry representatives raised issues pertaining to exports.
Disclaimer: No Business Standard Journalist was involved in creation of this content
