The commerce ministry is working with its finance counterpart on trade’s demand for renewal and enhance within the charges of curiosity equalisation scheme, and an answer on this regard is predicted quickly, a senior official mentioned on Friday.
Under the scheme, exporters get 3-5 per cent subsidy on loans for specified gadgets. It was introduced in April 2015 for 5 years. The scheme has already expired this month and exporters are demanding extension of the plan.
Director General of Foreign Trade Amit Yadav mentioned the federal government is at the moment engaged on the charges for the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme and urged the industries to come back ahead with their inputs in order to finalise the identical within the subsequent few months. He mentioned this whereas talking at a digital convention on exports organized by trade physique Confederation of Indian Industry (CII).
“With respect to the renewal and increase in the rates of the interest equalisation scheme, he mentioned that the DGFT is working with the Ministry of Finance on this and will come up with a solution to this very soon,” CII mentioned in a press release quoting Yadav.
The DGFT mentioned that the world and India is at the moment dealing with a difficult state of affairs as a result of Covid-19 pandemic. The trade has really helpful a number of measures to spice up exports for the consideration of the federal government
The ideas embody extension of curiosity subsidy scheme to all exporters; extra export rebate of round 5 per cent; exemption of National Calamity Contingent Duty (NCCD) on import of inputs made below advance authorization; and extra time to fulfil export obligations below Export Promotion Capital Goods (EPCG) license, it mentioned.
CII additionally demanded expeditious formulation of RoDTEP scheme with precedence for aluminum trade; waiver of software charges for EPCG authorisations; and import responsibility deferment by minimal 45 days. In the convention, trade representatives raised points pertaining to exports.