The trade policy supports the export of green technology products and those produced in the North Eastern States.
The Government has identified 16 green technology products for exports, including wind turbine, wind mills, solar cells, waste heat boilers, water treatment plants, electric operated vehicles like motor cars and mopeds among others.
“To promote exports, the identified green technology products, export obligation for manufacturing of these products, under the EPCG scheme, is being reduced to 75 per cent of the normal export obligation,” the Commerce Minister, Mr Anand Sharma, said.
Under the Export Promotion Capital Goods (EPCG) scheme, an exporter can import certain amount of capital goods at either zero or three per cent customs duty for upgrading technology related with exports. But to make use such duty concessions, exporters have to meet the pre-determined export obligation over a period.
The obligation has been fixed at 25 per cent for exports from the North East. The move is expected to help promote manufacturing activity and create jobs in Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, and Sikkim.
Also, the export of specified products through notified land customs stations of the North East will be provided an additional incentive of one per cent of the FOB value of products, Mr Sharma said.
Further, the Government has added seven new countries, including Algeria, Austria, Myanmar and Ukraine to the Focus Market Scheme.
Seven new markets, including Chile, Belize, Guatemala and Honduras, are being added in the scheme. About 46 new items are being included to the market-linked focus product scheme.