Ex-Im - #SectorUpdates
The Foreign Trade Policies (FTP) formulated by the Government of India in the past have contained various schemes including certain export incentives and export promotion schemes. It is most certain that the upcoming FTP will also contain such schemes. With the FTP 2021-26 on the anvil, one of its most anticipated and speculated aspects is the treatment of some of the schemes which were included in the FTP 2015-20 as well as the possible inclusion of new schemes. However, due to COVID 19 The existing FTP 2015-2020, which was valid up to September 30, 2021, is extended up to March 31, 2022, and then to September 30. FTP 2015-20 introduces two new schemes, namely ‘Merchandise Exports from India Scheme (MEIS)’ for export of specified goods to specified markets and ‘Services Exports from India Scheme (SEIS)’ for increasing exports of notified services. The policy provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, in line with the ‘Make in India’ program.