Capping Rs. 2 crore will not affect 98 per cent of exporters who claim benefit under Merchandise Export from India Scheme (MEIS), said Union Minister of Commerce and Industry Piyush Goyal.
He was meeting office-bearers of various export promotion councils to discuss the issues concerning the country’s global trade, ground-level situation, and problems being faced by exporters on Thursday.
The government had already announced Remission of Duties or Taxes on Export Products (RoDTEP) scheme for exporters to take the place of MEIS, and a committee had also been set up to determine the ceiling rates under the RoDTEP scheme. This new scheme would reimburse the embedded taxes and duties already incurred by exporters, he added.
“The country’s exports and imports are showing positive trends. The exports are approaching last year’s levels, after making a sharp dip in April due to the pandemic. On imports, capital Goods imports have not declined, and the slump in imports was mainly in crude, gold and fertilizers. The trade deficit is reducing drastically and our share in the global trade is improving. We are trying to generate more reliable and better trade data so that the nation can do better planning and frame policies accordingly,” he added.
“A total of 24 manufacturing sectors that have the potential to expand, scale-up operations, improve quality, and lead enhancement of Indian share in global trade and value chain have been identified. These sectors have the capacity to do import substitution and push exports. Issues relating to SEZs are being taken up with the Finance Ministry,” he added.