Foreign Trade Policy Review will reduce logistics cost in India: FIEO Chief

Awaiting push Containers stacked at a terminal at the Cochin Port. The
ambitious export target of $900 billion fixed for 2020 is a problem since
shipments have moved sluggishly over the last two years

Exporters, essentially from MSMEs and labour-intensive sectors will now be eligible for 2% higher incentives under the Merchandise Export from India Scheme (MEIS), as per the mid-term review of the Foreign Trade Policy (FTP) released by Commerce and Industry Minister Suresh Prabhu on Tuesday in New Delhi.

Mid-term review of Foreign Trade Policy will focus on finding new markets and new products as well as increasing India's share in the traditional markets and products, the minister said. The Commerce Minister said that the FTP will leverage the long term advantages of the historic reform of the GST, in terms of reduced compliance and logistics costs.

The commerce ministry had unveiled FTP 2015-20 in April 2015, with an aim to nearly double India's exports of goods and services to United States dollars 900 billion by 2020.

- The FTP would focus on micro, small and medium enterprises, labour-intensive segments and agriculture sector.

Last month, the commerce ministry had announced a similar 2 per cent additional incentive for garments and made-ups, translating into an outgo of Rs 2,743 crore.

"The FTP will continue to be reviewed and evaluated regularly for addressing concerns of the exporters, simplification of procedures and for promotion of exports", an official statement said.

Fugitive Kentucky lawyer behind $550M social security fraud captured in Honduras
He said Conn started his 12-year sentence Tuesday when he was taken back into custody in the United States. The FBI held a press conference Tuesday to announce officially the capture of fugitive ex-attorney Eric C.

Manchester City's David Silva doubtful for Manchester derby
West Ham actually had the lead against City for a stage, when Angelo Ogbonna headed home from a corner. It's complicated for us, and they obviously hold the game, and try to take advantage from a set piece.

Fitbit Updates Ionic Smartwatch With More Apps
Jon Oakes, Fitbit's vice president of product, said the update was "just the start" of planned future enhancements. The streaming service is hoping to pick up some new devotees by bringing offline streaming to the watch.

Referring to GST, Prabhu said introduction of the new tax regime "would be the catalyst for spurring growth in the export sector". "While these measures are useful, we have to recognise that effective exchange rate management would be critical to achieve a significant increase in exports from India", the FICCI Secretary General added.

Key sectors receiving the incentives are leather, agriculture, carpets, hand-tools, marine products, rubber products, ceramics, sports goods, medical and scientific products and electronic and telecom components.

Exporters' body FIEO suggested that government should gradually extend the MEIS to other sectors of exports since they are also facing numerous challenges in exports. The annual incentive increased by 33.8 percent or Rs.8,450 crore.

In addition, the validity period for duty credit scrips under MEIS has also been increased to two years from 18 months earlier.

"While the implementation of GST has led to a blockage of working capital and delay in refunds, the government reiterated that the new tax system will enhance trade facilitation while benefiting exporters".

Under the self-certification scheme for duty-free imports, instead of getting a ratification of the Norms Committee for inputs to be used in the manufacture of export products, exporters will self-certify that requirement and take an authorization from the DGFT.

Related News:

  • Philippines' Duterte brings back police in his anti-drug war

    Philippines' Duterte brings back police in his anti-drug war

    Q&A Why is Duterte's war on drugs controversial? HRW said the police's return to drug-clearing operations as "wholly unexpected". The October 10 suspension was the second time Duterte removed police from the anti-drug campaign.
    Unbiased Equity Research: United Parcel Service, Inc. (UPS), SUPERVALU Inc. (SVU)

    Unbiased Equity Research: United Parcel Service, Inc. (UPS), SUPERVALU Inc. (SVU)

    The California-based Rnc Cap Mgmt Ltd Limited Liability Company has invested 2.24% in United Parcel Service, Inc. (NYSE:UPS). The Texas-based Bridgeway Capital Management Inc has invested 0.01% in the stock. (NYSE:KRO) to report earnings on March, 9.
    New GM App Lets You Order Starbucks While You Drive

    New GM App Lets You Order Starbucks While You Drive

    There will be limits to the functionality of the new marketplace feature since it's created to be used while driving. Executives said GM receives revenue from the brands on the platform and some share of each transaction.
  • Election Commission Again Rejects Actor Vishal's Nomination For RK Nagar Bypoll

    Election Commission Again Rejects Actor Vishal's Nomination For RK Nagar Bypoll

    He also tweeted, "After much struggle, my nomination for the RK Nagar election is finally accepted". This comes hours after the actor had claimed that his nomination has been accepted by the poll body.
    Flu Season off to a fast start

    Flu Season off to a fast start

    Conover said he has seen between 50 and 100 cases of the flu so far this season with the first being in September. National Influenza Immunization week runs from December 2 through December 9.
    Men charged with murder of Malta journalist Daphne Caruana Galizia

    Men charged with murder of Malta journalist Daphne Caruana Galizia

    Muscat initially announced eight arrests at a press conference, then later said on Twitter that two more had been apprehended. He was not comforted by vows from Maltese authorities that they would do their utmost to investigate the assassination.
  • Is Moffett Nathanson Now Positive For Wal-Mart Stores Inc (NYSE:WMT)?

    Currently, 287.44 million total shares are owned by the public and among those 231.71 million shares have been available to trade. Advisors Asset Management Inc. holds 0.11% of its portfolio in Eaton Vance Enhanced Equity Income Fund II for 443,037 shares.
    Terry Crews Sues Hollywood Agent Who 'Molested' Him At 2016 Party

    Terry Crews Sues Hollywood Agent Who 'Molested' Him At 2016 Party

    The amount of damages Crews seeks is not known but he also cited psychological suffering as one of his issues in the suit. Crews had previously filed a report with the Los Angeles Police Department in regards to the alleged assault.
    Chester Bennington Autopsy Reveals Alcohol and Ecstasy in His System

    Chester Bennington Autopsy Reveals Alcohol and Ecstasy in His System

    The new report, which is viewable as a PDF , contains a section by the police officer who found the singer's body. Chester Bennington's autopsy shows he had alcohol and ecstasy in his system when he hanged himself .
  • US B-1B Bombers to Join Exercise in South Korea, Yonhap Says

    US B-1B Bombers to Join Exercise in South Korea, Yonhap Says

    During the construction of the aircraft the technologies made it unobtrusive for the enemy radar were used. China's revelation of its own air force drills is also thought to be a message to Seoul and Washington.
    Why Selena Gomez suddenly made her Instagram private

    Why Selena Gomez suddenly made her Instagram private

    After becoming the most followed figure on Instagram back in March, the Texan told Vogue: 'I sort of freaked out. Granted, that's the beginning of the story, so maybe the teddy bear has nothing to do with it.

    Ford sues pro wrestler John Cena for selling rare GT

    Back when deliveries of the new Ford GT started, professional wrestler John Cena was pictured with an example of the supercar. In the lawsuit, Ford makes several mentions of Cena reaping a large profit on the sale, but that number is never disclosed.


Most liked

Kremlin says Putin was not influenced by ex-Trump official Michael Flynn
Flynn had previously denied that he discussed sanctions with the Russian official, but later acknowledged that the issue came up. Ben Cardin, the top Democrat on the Senate Foreign Relations Committee, told CNN he thinks McFarland's nomination is imperiled.

Adobe Systems Incorporated (ADBE) Analysts See $0.96 EPS
Should You Go With High Insider Ownership? The stock increased 1.13% or $1.18 during the last trading session, reaching $105.43. Whereas, in last 21 trading days (one month) was moved up 1.86% and moved up in last 63 trading days (quarter) of 15.77%.

North Korea is United States problem but China's 'leverage'
It may also set Washington up for a fool's choice if we fail to understand Pyongyang's logic and ultimate end game. Donald Trump's frustration with China was clear.

Sergio Ramos Denies Talk of Real Madrid Fallout with Cristiano Ronaldo
Real have scored 11 fewer goals than Barcelona so far this term with the likes of Cristiano Ronaldo and Karim Benzema struggling for form.

Verizon's $300 deal off the Pixel 2 goes live online
The Pixel 2 with 64GB storage, which is now priced at Rs 61,000, is said to receive a flat discount of Rs 11, 001. Propelled in India recently, the Pixel 2 and Pixel 2 XL are the most recent flagship smartphones by Google .

Senate confirms new DHS chief
An attorney and cybersecurity expert, Nielsen will be the first DHS secretary with previous experience working at the agency. Nielsen's successful nomination makes her the second woman, after Janet Napolitano, to be confirmed to the position.

Two arrested in terror plot to assassinate British Prime Minister Theresa May
It is not clear how Imran and Rahman planned to get through the fortified gates and armed police officers guarding Downing Street. Share it on Facebook and you will help keep them up to date and help us earn the ad revenue we need to keep reporting.

Jurassic World 2's First Plot Details Are More Insane Than You'd Expect
Bayona and co-written by Colin Trevorrow and Derek Connolly . of the dinosaur franchise arrives in theaters June 22. But based on EW's first-look exclusive, it seems the Baryonyx is not opposed to adding human flesh to the menu.

With influential support, SMU coach Chad Morris is now Arkansas' top target
With Auburn and Memphis locking up Gus Malzahn and Mike Norvell, respectively, Arkansas has turned its attention to Morris. Prior to SMU, Morris was Clemson's offensive coordinator from 2011-14, helping lay the groundwork for its dynamic offense.

Possible 'elements of genocide' in Myanmar: UN rights chief
Nearly a million Rohingya people have fled Myanmar for Bangladesh, says Bangladesh's envoy to the UN. Mainly Buddhist Myanmar denies the Muslim Rohingya are its citizens and considers them foreigners.

Pizza Hut starts delivering beer and wine in Arizona
More than 1,700 Pizza Hut restaurants, more than a quarter of total USA units, already have liquor licenses, the company said. The hope is that by adding beer and wine to its delivery menu, the company will have an extra edge over competitors.

The Harvey Capital Management Inc. Holds Stake in Amazon.com, Inc
The stock has a market capitalization of $560,104.13, a PE ratio of 295.01, a PEG ratio of 14.56 and a beta of 1.47. Several hedge funds and other institutional investors have recently made changes to their positions in the stock.

Instagram is cracking down on animal selfies
A stranded baby dolphin washed up on a beach in Spain famously died of dehydration in August after crowds descended to touch it and take pictures.

Sri Lankan team, bound for ODI series in India, recalled from airport
Perera, who takes over the reins from Upul Tharanga, will be without the experienced right-hander, who has made a century and two fifties so far in the Test series in India.

YouTube withdraws support from Amazon's FireTV and Echo Show
Amazon's decision to launch what was essentially a hacked version of YouTube on the Echo Show is where things heated up. That version of YouTube will be blocked immediately while the Fire TV app won't work, starting January 1, 2018.