03 Feb 2018Posted By: Mudit Handa


Government brings measures to enhance Indian exports

The fact can never be denied that for any nation to attain the desired model of economic growth, the emphasis must be on the import substitution and export promotion. Evidently, the government has been keenly devoted to the realization of this goal and giving enough fillip to the overall exports, right from its first budget in 2014.

In its most recent Union Budget, the government has wholeheartedly upheld its ‘Make in India’ initiative by introducing some drastic custom duty reforms. Apart from those groundbreaking steps that have been implemented in respect of the import duties of certain goods, the government has initiated certain noteworthy measures supportive of export liberalization.

 

Alarmed by the spooking decline of exports, the government had introduced the interest equalization scheme, three years back in the 2015 budget. With a view to pep up Indian exports, this year’s budget has a total outlay of ₹ 2,500 crores on the Interest Equalization Scheme on pre- and post-shipment export credit. This will indeed provide coverage on trade consignment of value exceeding ₹ 1 lakh crore. The immediate effect of this measure, as projected by the government, would be that Micro, Small and Medium Enterprises (MSMEs) will now be able to avail the bank loans at 3% lower interest rate, as was proposed in the scheme and will truly experience a rise in their proficiency in specified export sectors.

 

This is indeed a huge relief for the small exporters of handicrafts, readymade garments, carpet and handlooms, sports items, toys, processed agro-produce, and over 200 tariff lines that receive a huge bursary from the government. Additionally, there is an outlay of ₹ 500 crores for investment in Export Credit Guarantee Corporation (ECGC). This will surely increase the capacity of ECGC to underwrite for the maximum liability of insurances granted under prudential limits.

Indubitably, these revolutionary measures can reinforce the MSME sector to outshine in the global market. However, in order to avail these benefits, it is crucial to get a unique Import Exports code.

If you need any assistance regarding online IEC Registration or you wish to get an import exports code online, feel free to contact us at 8881-069-069.

 

 

Give a Reply

Fill up the form

x
E-startupIndia Mobile App

GET E-STARTUP INDIA IN YOUR
pocket!

Download our free Android App and get realtime update on your order status.
Easily connect with our professionals handling your order over chat & mobile.
Never miss business compliances due date with advance notifications.

Get E-startupIndia in your mobile

Why Choose Us

e-startupindia member of GOOGLE

Serving business owners with an Average 4.8+ Google Rating.

e-startupindia certified #AxixBank

Trusted by Axis bank to cater its clients all licensing & compliance needs.

e-startupindia NG Alliance Partner

Providing lending solutions for business needs with NeoGrowth.

e-startupindia Google Partner

Providing business banking solutions in association with ICICI Bank.

e-startupindia member of CII

E-startupindia is a Proudly Member of Confederation of Indian Industry.The CII is a premier business association in India which works to create an environment.

e-startupindia certified #Etstartupindia

E-Startup India is duly certified under GOI's Startup India scheme and is renowned for our tech-driven solutions for business & legal services requirements for MSMEs.

e-startupindia Google Partner

E-Startup India is a Google Partner, which implies we are rigorously involved in assisting SME businesses to market their presence in the digital world.

IN THE MEDIA

  • e-startupindia South Asia's Leading Multimedia News Agency
  • Business Standard
  • e-startupindia Outlook
  • e-startupindia Htmedia
  • e-startupindia Yahoo News
  • e-startupindia New Delhi Times
  • e-startupindia India.com
  • e-startupindia IBTN9

CONNECT WITH US