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List of initiatives undertaken by Govt to promote exports

The government of India has taken various export schemes and initiatives in the last few years which are summarised as under:

i) Foreign Trade Policy (2015-20) extended upto 30/09/2021 due to the COVID-19 pandemic situation.

ii) Rs 56,027 crore released in September 2021 to liquidate all pending arrears under all script base Schemes to provide liquidity in the COVID-19 times.

iii) Roll out of a new Scheme – Remission of Duties and Taxes and Exported Products (RoDTEP). Rs 12,454 crore sanctioned for the Scheme in the FY 2021-22. It is a WTO compatible mechanism for reimbursement of taxes/ duties/ levies, which are currently not being refunded under any other mechanism, at the central, state and local level.

iv) Support to textiles sector was increased by the remission of Central/ State taxes through the ROSCTL scheme, which has now been extended till March 2024.

v) Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase FTA utilization by exporters.

vi) A comprehensive “Agriculture Export Policy” to provide an impetus to agricultural exports related to agriculture, horticulture, animal husbandry, fisheries and food processing sectors, is under implementation.

vii) Promoting and diversifying services exports by pursuing specific action plans for the 12 Champion Services Sectors.

viii) Promoting districts as export hubs by identifying products with export potential in each district, addressing bottlenecks for exporting these products and supporting local exporters/ manufacturers to generate employment in the district.

ix) Active role of Indian missions abroad towards promoting India’s trade, tourism, technology and investment goals has been enhanced.

x) Package announced in light of the covid pandemic to support domestic industry through various banking and financial sector relief measures, especially for MSMEs, which constitute a major share in exports.

xi) Trade Infrastructure for Export Scheme (TIES), Market Access Initiatives (MAI) Scheme and Transport and Marketing Assistance (TMA) schemes to promote trade infrastructure and marketing.

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TaxGyata Team

TaxGyata Team