Speech on Incremental-Export-Incentive-Scheme


 Incremental Export Incentive Scheme 

 In December  last  year, a   new   Scheme was introduced Incremental Export Incentive Scheme – for a period of 

 3
 months under which an additional incentive of 2% of FOB value of exports was provided on the incremental exports during that period over the corresponding period last year. This Scheme was made available for exports to USA, Europe and Asia. Recognizing the popularity of the Scheme, Government has decided to extend the benefits of this Scheme for this year as well and to cover 53 countries of Latin America and Africa apart from the earlier notified markets.

 

High interest costs have been a major impediment in increasing our exports. Government had extended 2% interest subvention to specified labor intensive exports till 31st March 2013. In December they had extended this facility up to March 2014. Now, government has taken a conscious decision to extend this facility to textile made up articles listed in Chapter 63 of ITC and specified items in Engineering sector. 


  Focus Market Scheme

    Norway has been added as a new market under the Focus Market Scheme,taking the total number of

 markets to 125. Venezuela has also been added for the eligibility under the Special Focus Market Scheme with 4% duty credit, taking the total number of countries to

50. 47 new items have been added to the Market Linked Focus Product Scheme (MLFPS) and benefits for exports to USA and EU for chapter 61 & 62 pertaining to the textile sector, has been extended by another year till March 2014.  126 items of engineering, pharmaceuticals, chemicals and textiles sector are added to the Focus Product Scheme (FPS) and two new items have been added in the Vishesh Krishi and Gram Udyog Yojana (VKGUY) SchemeIt has also been decided to incentivize High Tech Products with effect from 30th June, 2013 for which a separate notification would be issued.