Exporters to get Rs. 56000 cr dues cleared

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The government wants to help Indian exporters, and is clearing all dues rapidly.

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 How India's border trade grew fast - An analysis

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  • The story: Union government will release Rs.56,027 crore before April 2022, to disburse all pending export incentives. Benefits will be disbursed to more than 45,000 exporters, of which 98% are MSMEs.
  • What all is included: This amount will include claims relating to MEIS, SEIS, RoSL, RoSCTL, other scrip-based schemes relating to earlier policies and the remission support for RoDTEP and RoSCTL for exports made in the 4th quarter of FY 20-21.
  • The numbers: Total disbursements will include Rs.33,010 crore for MEIS, Rs.10,002 crore for SEIS, Rs.5,286 cr for RoSCTL, Rs.330 crore for RoSL, Rs.2,568 crore for RoDTEP, and Rs.4,831 crore for other legacy Schemes like Target Plus. This amount is over and above the duty remission amount of Rs.12,454 crore for the RoDTEP scheme and Rs.6,946 crore for RoSCTL scheme already announced for exports made in this fiscal.
  • Performance this year: Merchandise exports for April-August 2021 rose 67% to almost $164 billion from a year earlier, marking a 23% growth over 2019-2020. Clearing all pending export incentives in this fiscal “will lead to even more rapid export growth in coming months.” For merchandise exports, all sectors covered under MEIS, such as pharma, iron and steel, engineering, chemicals, fisheries, agriculture and allied sectors, auto and auto components will be able to claim benefits for exports made in earlier years. Service sector exporters may claim SEIS benefits for 2019-2020, for which Rs.2,061 crore has been provisioned.
  • How to get it: Exporters should file claims relating to earlier years by December 31. An online portal will soon be enabled to accept MEIS and applications, the release said.
  • EXAM QUESTIONS: (1) Explain the clash between various export promotion schemes of Indian government, and the WTO norms. (2) What are the reasons that export incentives remain stuck for years on end? (3) What steps can be taken to raise Indian exports to $1000 billion a year, in five years' time? Explain.
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PT's IAS Academy: Exporters to get Rs. 56000 cr dues cleared
Exporters to get Rs. 56000 cr dues cleared
The government wants to help Indian exporters, and is clearing all dues rapidly.
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PT's IAS Academy
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