The government has extended export incentives to some new products while enhancing the rate of incentives for certain other specified products under the Merchandise Exports from India Scheme (MEIS).
The decision was taken in the backdrop of the continued challenging global environment being faced by Indian exporters, the Department of Commerce stated in a release announcing the support for exporters.
Accordingly, the MEIS scheme now included 2,901 additional products under different product categories.
The new products that are made eligible for export incentives include:
- Several items of traditional medicines like Ashwagandha herbs and its extracts, other herbs, extracts of different items;
- Certain marine products, sea feed items;
- Onion dried, processed cereal products and other value added items of plastics, lather articles, suitcases etc;
- Industrial products under different categories, including engineering goods, fabrics, garments, chemicals, ceramics, glass products, leather goods, newspapers, periodicals, silk items, made ups, wool products, tubes, pipes etc.
Rates of incentive for 575 items falling under 11 product categories have been increased. These product include products of iron and steel, handicrafts, moulded and extruded goods, rubber, ceramic, glass, auto tyres and tubes, industrial machinery engineering items, IC Engines, machine tools / parts, items of wood, paper, stationary, footwear, auto seats, steel furniture, prefabs, items under the category of butter, ghee and cheese, dried egg albumin and rubber products.
With this the total number of items covered under the scheme has been increased from 5,012 to 7,103. The total support extended by the government under the scheme has been enhanced from the present Rs22,000 crore to Rs23,500 crore per annum.