New export incentive scheme fails to enthuse exporters - Vibes Of India

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New export incentive scheme fails to enthuse exporters

| Updated: August 19, 2021 12:48

Indian and especially Gujarat exporters are unhappy with some of the unfavourable facets of RoDTEP ( Remission of Duties and Taxes on Imported Products ), an export incentive scheme introduced by the Central government implemented from 1sr January 2021. The rates for duty remission have been announced now, after a gap of 8 months, and turn out to be less than the rates prevailing under earlier MEIS ( Merchandise Export Incentive Scheme) MEIS. 

The exporters are expressing unhappiness about the reduced rate structure. Also, several products have been removed f remove from the products list of products that were meant to encourage it appears that exports from Gujarat may suffer in this context.  The ambitious export targets set by the Government of India to the tune off 4000 crores shall be difficult to achieve. On one side the central government expects the Indian exports to give befitting competition to  China and on the other hand, export incentive schemes lack the punch.  In comparison to China which doles out cash incentives and freight subsidies to exporters, our businesses are yet to receive the reimbursement for the period between April to December 2020 under MEIS. It is all the more striking as the advance income tax has already been paid on this deemed income.  

Amounting to 200 crores, India counts for around 5% of global chemical exports . Gujarat’s share in it is around 35%. Apart from this, Gujarat is exporting pharmaceuticals, edible oil, spices, cattle food, casting products, etc in considerably. The feeling is prevailing that in order to boost exports from Gujarat,  RoDTEP rates should be enhanced along with taking other necessary positive steps.   

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