Union Government announces enhanced support under MEIS of Foreign Trade Policy
Posted on:23 Sep 2016 18:12:33
23 September 2016 Current Affairs GK: The Union Government has extended support to certain new products and the rate of incentives for certain other specified products under the Merchandise Exports from India Scheme (MEIS).
Decision in this regard was taken by Department of Commerce (DoC) under the Ministry of Commerce & Industry in backdrop of the continued decline in growth of Indian goods exports.
DoC has added 2901 additional products falling under different product categories under the MEIS. With this the total number of items (products) covered under the scheme has been increased from 5,012 to 7,103.
The major products added include several items of traditional medicines, dried onion, processed cereal products, marine products and value added items of plastics, leather articles and suitcases. The total government support extended under the scheme has been enhanced to Rs. 23,500 crore per annum from the present Rs. 22,000 crore.
Besides, products that will get incentives include engineering goods, garments, fabrics, chemicals, glass products, ceramics, leather goods, periodicals, newspapers, silk items, wool products, made ups, tubes and pipes.
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