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4/4/2015 25 salient features from new Foreign Trade Policy to push up India's exports The Economic Times
http://economictimes.indiatimes.com/news/economy/foreigntrade/25salientfeaturesfromnewforeigntradepolicytopushupindiasexports/articleshow/46… 1/4
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The govt is pitching India as a friendly destination formanufacturing & exporting goods, and the new policy is beingseen as an important step towards realising that goal.
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25 salient features from new ForeignTrade Policy to push up India's exports
READ MORE ON » Nirmala Sitharaman | Narendra Modi | India's exports | FTP | foreign trade policy | CommerceMinister
NEW DELHI: With an aim to make India asignificant partner in global trade by 2020,the government on Wednesday unveiled anew Foreign Trade Policy (FTP).
Talking about the new policy, which aims atboosting India's exports, CommerceMinister Nirmala Sitharaman said that PMNarendra Modi's pet projects, 'Make inIndia' and 'Digital India' will be integratedwith the new Foreign Trade Policy.
The government is pitching India as afriendly destination for manufacturing andexporting goods, and the new policy isbeing seen as an important step towardsrealising that goal.
We take a look at some key features of thenew Foreign Trade Policy:
> India to be made a significant participantin world trade by 2020
> Merchandize exports from India (MEIS) topromote specific services for specificMarkets Foreign Trade Policy
> FTP would reduce export obligations by25% and give boost to domesticmanufacturing
> FTP benefits from both MEIS & SEIS willbe extended to units located in SEZs
> FTP 201520 introduces two newschemes, namely "Merchandise Exports
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4/4/2015 25 salient features from new Foreign Trade Policy to push up India's exports The Economic Times
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from India Scheme (MEIS)" and "ServicesExports from India Scheme (SEIS)". The'Services Exports from India Scheme'(SEIS) is for increasing exports of notifiedservices. These schemes (MEIS and SEIS)replace multiple schemes earlier in place,each with different conditions for eligibilityand usage. Incentives (MEIS & SEIS) to beavailable for SEZs also. eCommerce ofhandicrafts, handlooms, books etc., eligiblefor benefits of MEIS.
> Agricultural and village industry products to be supported across the globe at rates of3% and 5% under MEIS. Higher level of support to be provided to processed andpackaged agricultural and food items under MEIS.
> Industrial products to be supported in major markets at rates ranging from 2% to 3%.
> Served From India Scheme (SFIS) will be replaced with Service Export from IndiaScheme (SEIS).
> Branding campaigns planned to promote exports in sectors where India has traditionalStrength.
> SEIS shall apply to 'Service Providers located in India' instead of 'Indian ServiceProviders'.
> Business services, hotel and restaurants to get rewards scrips under SEIS at 3% andother specified services at 5%.
> Duty credit scrips to be freely transferable and usable for payment of customs duty,excise duty and service tax.
> Debits against scrips would be eligible for CENVAT credit or drawback also.
> Nomenclature of Export House, Star Export House, Trading House, Premier TradingHouse certificate changed to 1,2,3,4,5 Star Export House.
> The criteria for export performance for recognition of status holder have been changedfrom Rupees to US dollar earnings.
> Manufacturers who are also status holders will be enabled to selfcertify theirmanufactured goods as originating from India.
> Reduced Export Obligation (EO) (75%) for domestic procurement under EPCGscheme.
> Online procedure to upload digitally signed document by CharteredAccountant/Company Secretary/Cost Accountant to be developed.
> Interministerial consultations to be held online for issue of various licences.
> No need to repeatedly submit physical copies of documents available on ExporterImporter Profile.
4/4/2015 25 salient features from new Foreign Trade Policy to push up India's exports The Economic Times
http://economictimes.indiatimes.com/news/economy/foreigntrade/25salientfeaturesfromnewforeigntradepolicytopushupindiasexports/articleshow/46… 3/4
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> Validity period of SCOMET export authorisation extended from present 12 months to 24months.
> Export obligation period for export items related to defence, military store, aerospaceand nuclear energy to be 24 months instead of 18 months
> Calicut Airport, Kerala and Arakonam ICDS, Tamil Nadu notified as registered ports forimport and export.
> Vishakhapatnam and Bhimavarm added as Towns of Export Excellence.
> Certificate from independent chartered engineer for redemption of EPCG authorisationno longer required.
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4/4/2015 25 salient features from new Foreign Trade Policy to push up India's exports The Economic Times
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