Following are the highlights of the foreign trade policy
1. India has become the largest exporter or rice and second largest exporter of
wheat
2. Any exporter who takes benefit of the technology upgradation scheme can now be eligible to use the 0 percent EPCG scheme.
3. Exporters if they choose to, may import Capital Goods on payment of duty in cash and subsequently receive duty credit scrip on completion of export obligation. Thus there would be no duty remission / duty exemption at the time of import of the Capital Good.
4.To promote manufacturing activity and employment in the North Eastern Region of the country, export obligation under the EPCG Scheme shall be 25% of the normal export obligation.
5.To promote exports of 16 identified green technology products, export obligation for manufacturing of these products, under the EPCG Scheme, is being reduced to 75% of the normal export obligation.
In a bid to revive India’s exports, the government today extended the zero percent Export Promotion Capital Goods (EPCG) Scheme to all sectors, commerce minister Anand Sharma said today while announcing the foreign trade policy for financial year 2-14. The move is likely to boost India’s manufacturing sector which has taken a beating due to slowing demand from global economies.
The scheme was put in place so exporters could import machinery and equipment at affordable prices to produce quality products for the export market.
Norway and Venezuela has been added to Focused Market Scheme while engineering, pharma & textiles have been added under Focused Product Scheme.
Besides other schemes, the Minister also announced incentives for Special Economic Zones (SEZs) to encourage exports. The minimum area requirement for SEZs has also been reduced to fulfill the contiguity norms. For multi-product SEZs, the minimum area required now is 500 hectares from 1,000 hectares. For sector specific SEZs, the minimum area required now is 50 hectares from 100 hectares while for IT SEZs no minimum land requirement will be there.
dear all i will post here detail after some time.
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