Steps Taken to Boost Exports

Steps Taken to Boost Exports

The Government has taken note that in 2012-13, the export had decreased and import had increased in comparison to 2011-12. However in 2013-14 and in the current months of this financial year, the exports have shown an increasing trend.  Exports, adversely affected by global financial crisis and economic slowdown, are slowly indicating signs of revival.  The trade details are given below:                                                                                                                              Year Exports Imports 2011-12 306.0 489.3 2012-13 300.4 490.7 2013-14 313.5 450.6 2013-14 (April-June,2013) 73.3 121.6 2014-15 (April-June,2014) (P) 80.1 113.2 (Value in US$ Billion) Source: DGCI&S, Kolkata                                       (P): Provisional In order to boost exports and enable this sector to bear the brunt of global economic slowdown, Government has taken  a number of measures, which,  inter alia,  include the following:                                             i.            Two percent Interest Subvention Scheme,  which was available for certain export sectors viz. Handicrafts, Carpet, Handlooms, SMEs, Readymade Garments, Processed Agriculture Products and Toys, was  widened to include 134 tariff lines of Engineering Sector w.e.f 1st January, 2013.                                          ii.            Government enhanced the rate of Interest Subvention from 2% to 3 % with effect from 1.8.2013.                                         iii.            As part of product diversification and market diversification strategy, 47 new items were added to Market Linked Focus Product Scheme (MLFPS) and 122 new items were added to the Focus Product Scheme (FPS). Government also notified 153 hi-tech products on 10.7.2013 under Focus Product Scheme making them eligible for duty script at the rate of 2 %.                                         iv.            Apart from above, various other measures were also taken to increase exports as part of the Annual Supplement to the Foreign Trade Policy (2009-14) announced on 18.4.2013. As a result exports of Engineering Goods, Textiles, Chemicals, Handicrafts, Carpets, Readymade garments have increased in 2013-14 as compared to 2012-13. The information was given by the Minister of State (Independent Charge) of the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today. ******