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Good news for exporters; Govt offers Rs 56,027 crore relief

The decision would see disbursements reaching out to over 45,000 exporters, which includes about 98% small exporters in the MSME category.

Good news for exporters; Govt offers Rs 56,027 crore relief VPN
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New Delhi, First Published Sep 9, 2021, 7:23 PM IST
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Here is some good news for exporters. The Centre has decided to budget Rs 56,027 crore in this Financial Year 2021-22 itself to disburse all pending export incentives due to exporters.

The decision would see disbursements reaching out to over 45,000 exporters, which includes about 98% of small exporters in the MSME category.

Also Read: Ford Motor to shut down 2 manufacturing plants in India, to sell only imported vehicles

These disbursements will cover remission support for a rebate of state and central taxes and levies and refund of duties and taxes on products exported in the 4th quarter of the financial year

It will also cover claims related to rebate of state levies, merchandise and service exports from India schemes and other scrip-based schemes relating to earlier policies.

The development comes amid strong growth in exports from the country in recent months. 

According to government data, merchandise exports for April-August 2021 was nearly $164 billion --  an increase of 67 per cent over the last financial year and 23% over 2019-20.

All sectors covered under MEIS like agriculture, fisheries and allied sectors, auto and auto components, pharmaceuticals, iron and steel, engineering and chemicals would be able to claim benefits for exports made in the earlier year

Rs 2,061 crore has been provisioned for service sector exporters, including those in the travel, tourism and hospitality segments and with this allocation, they will be able to claim SEIS benefits for FY 2019-2020.

The government also announced that an online portal will be rolled out soon to accept MEIS and other scrip-based applications, and would be integrated with a robust mechanism set up by the Finance Ministry to monitor provisioning and disbursement of the export incentives under a budgetary framework.

Also Read: Principal Economic Advisor Sanjeev Sanyal harassed by customer care

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