From UPSC perspective, the following things are important :
Prelims level : MEIS, RODTEP Scheme
Mains level : Export promotion measures
The outlay for the RoDTEP scheme is expected to be “much higher” than the NITI Aayog’s much-curtailed estimate of Rs 10,000 crore a year.
- The central government had envisaged an annual allocation of about Rs 50,000 crore under the RoDTEP scheme to make exports zero-rated.
Try this PYQ:
Q. Among the following, which one is the largest exporter of rice in the world in the last five years? (CSP 2019)
- RoDTEP is a scheme for the Exporters to make Indian products cost-competitive and create a level playing field for them in the Global Market.
- It has replaced the current Merchandise Exports from India Scheme, which is not in compliance with WTO norms and rules.
- The new RoDTEP Scheme is fully WTO compliant scheme.
- It will reimburse all the taxes/duties/levies being charged at the Central/State/Local level which are not currently refunded under any of the existing schemes but are incurred at the manufacturing and distribution process.
Back2Basics: Merchandise Exports from India Scheme (MEIS)
- MEIS was launched with an objective to enhance the export of notified goods manufactured in a country.
- This scheme came into effect on 1 April 2015 through the Foreign Trade Policy and will be in existence till 2020.
- MEIS intends to incentivise exports of goods manufactured in India or produced in India.
- The incentives are for goods widely exported from India, industries producing or manufacturing such goods with a view to making Indian exports competitive.
- The MEIS covers almost 5000 goods notified for the purpose of the scheme.