With the country’s exports showing no signs of revival in the face of continuing slowdown in global demand, the Government has announced additional sops for exporters.
The Commerce Ministry has expanded the current incentive schemes for exporters to include more products, greater number of markets and, in some cases, has also increased the incentive amount, according to an official release.
The additional items that have been included in the Merchandise Exports from India Scheme (MEIS) are textile items, pharmaceuticals, surgical, herbals, project goods, auto components, telecom, computer, electrical and electronics products and railway transport equipment and parts.
“The current revision introduces 110 new tariff lines and increases rates or country coverage or both for 2228 existing tariff lines,” an official release circulated on Friday said.
Items that will be now incentivised at a higher rate are mostly from the small sector and include industrial machinery, IC Engines, machine tools, parts and machinery for dairy, agriculture, food processing, textiles, paper, hand tools used in agriculture /horticulture/forestry, safety razors, blades, all type of locks, reinforced safes, strong boxes and doors, safe deposit lockers, flexible tubing , pilfer proof caps for packaging and bicycle parts, the release said.
Exports in April-September 2015-16 fell 17.63 per cent to $ 132.93 billion compared to the same period last year.
The decline was spread across all major sectors such as petroleum goods, ready-made garments, electronics, engineering goods, gems & jewellery, chemicals, leather and agricultural products,