Federation of Indian Export Organization: Indian Exports to fall by 20%

On May 19, 2020, the Federation of Indian Export Organization reported that the Indian Exports are to fall by 20%. This according to the organization will amount to 50-60 billion USD.

Highlights

The FIEO, the apex body of the exporters has requested to provide additional 2% support under the MEIS (Merchandise Exported from India) scheme. Also, the organization has requested additional 4% support to labour intensive sectors.

The support is being demanded as incentives. The incentives to be provided in the form of duty credit.

MEIS Scheme

The MEIS scheme was introduced under Foreign Trade Policy of India. The scheme focuses to make the Indian products competitive in the Global market. The MEIS scheme replaced Focus Product Scheme (FPS), Focus Market Scheme (FMS), Infrastructure Incentive scheme and Vishesh Krishi Gramin Upaj Yojana.

Federation of Indian Export Organization

The FIEO was set up under Ministry of Commerce. It is the premier body of Export Promotion Council. The Organization provides an interface between international trading community and central and state governments in the country.

Month: Current Affairs - May, 2020