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MEIS scheme under FTP to support textiles & apparel export
02
Apr '15
Courtesy: PIB
Courtesy: PIB
The Government of India has unveiled the much awaited Foreign Trade Policy (FTP) 2015-20, focusing on supporting both the manufacturing and services sectors, with a special emphasis on improving the ‘ease of doing business’.
 
The new five-year FTP provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, in keeping with the “Make in India” vision of Prime Minister Narendra Modi.
 
FTP 2015-20 introduces a new scheme “Merchandise Exports from India Scheme (MEIS)” for export of specified goods to specified markets. The scheme replaces 5 different schemes of earlier FTP (Focus Product Scheme, Market Linked Focus Product Scheme, Focus Market Scheme, Agri. Infrastructure Incentive Scrip, VKGUY) for rewarding merchandise exports which had varying conditions (sector specific or actual user only) attached to their use.
 
Under MEIS, handloom, coir, jute products, technical textiles, handmade carpets, other textile and readymade garments have been supported for European Union, US, Canada and Japan.
 
Products supported under MEIS include 396 lines of readymade garments, which are women centric products, i.e. women constitute a majority among workers producing these items.
 
There would be no conditionality attached to any scrips issued under MEIS. Duty credit scrips issued under MEIS and the goods imported against these scrips are fully transferable. 
 
For grant of rewards under MEIS, countries have been categorised into 3 groups, with rates of rewards ranging from 2 per cent to 5 per cent. Category A consists of 30 traditional markets — 28 countries of the European Union, Canada and the US. Category B consists of 139 emerging and focus markets – 55 African countries, 45 countries from Latin America and Mexico, 12 CIS countries, 13 West Asian countries and Turkey, 10 Asean countries, Japan, South Korea, China and Taiwan. All other 70 markets are placed under category C.
 
To boost e-commerce exports, goods falling in the category of handloom products, leather footwear, and customised fashion garments, having FOB value up to Rs 25,000 per consignment (finalised using ecommerce platform) shall be eligible for benefits under FTP. Such goods can be exported in manual mode through Foreign Post Offices at New Delhi, Mumbai and Chennai.
 
Commerce minister Nirmala Sitharaman stated that in order to give a boost to exports from SEZs, government has now decided to extend benefits of both the reward schemes (MEIS and services export scheme SEIS) to units located in SEZs. It is hoped that this measure will give a new impetus to development and growth of SEZs in the country.
 
The release of Foreign Trade Policy was accompanied by a FTP Statement explaining the vision, goals and objectives underpinning India's Foreign Trade Policy, laying down a road map for India’s global trade engagement in the coming years.
 

Fibre2fashion News Desk - India

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