New Delhi: Finance Minister Nirmala Sithraman's third major presser held at the National Media Centre in New Delhi today.
Scheme for the remission of exports will replace Merchandise Exports from India Scheme (MEIS) for all goods and services for which the coverage was given by textile and commerce ministry.
Government announces new measures to boost exports. MEIS and Old RoSL will continue up to December 2019. Rebate of State Levies (RoSL) will be replaced with RODTEP.
Government announces new measures to boost exports Export Credit Guarantee Corp will expand the scope of ECIS and offer higher insurance cover to banks lending working capital for exports in a move which will cost Rs 1700 crores per annum to the government.
Rs 50,000 cr revenue will be foregone with the introduction of remission of duties or taxes on export products.
Fully automated electronic refund route for input tax credits in GST.
Export Credit Guarantee Corp (EGC) will expand scope of export credit insurance scheme; incentive to cost Rs 1,700 cr per annum.
Rs 36,000 cr to Rs 68,000 cr of credit will be available for exports after priority sector lending tag.
Government working to reduce 'Time to export' by leveraging technology further; Action Plan to reduce turn around time at airports and ports benchmarked to international standards to be implemented by Dec 2019 and Inter-Ministerial group to monitor this.
Finance Minister announces mass enrolment of artisans across India for handicraft promotion.
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