: Capping MEIS at Rs 2 Cr will not affect 98 per cent exporters: Piyush Goyal #FinanceIndia #StockMarketNEWS New Delhi, Sep 4 (KNN) Union Minister of Commerce and Industry on Friday said that capping

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Capping MEIS at Rs 2 Cr will not affect 98 per cent exporters: Piyush Goyal #FinanceIndia #StockMarketNEWS
New Delhi, Sep 4 (KNN) Union Minister of Commerce and Industry on Friday said that capping of Rs 2 crore for Merchandise Export from India Scheme (MEIS) will not affect 98 per cent of the exporters who claim benefit under the scheme.

He said this during a meeting with the office-bearers of various Export Promotion Councils (EPCs), to discuss the issues concerning the country’s global trade, ground level situation, and problems being faced by the exporters.

He also said that the ministry is taking up issues related to Special Economic Zones (SEZ) with the finance ministry and while certain sectors- which depend on discretionary spending- are under “severe stress”, India’s overall exports and imports are showing positive trends especially exports which are approaching last year’s levels.

The exports are approaching the last year’s levels, after making a sharp dip in April this year due to pandemic. Regarding imports, the positive thing is that the Capital Goods imports have not declined, and the reduction in imports has been seen mainly in crude, gold and fertilizers, an official statement quoted Goyal as saying.

The statement further said that the trade deficit is reducing drastically and our share in the global trade is improving and that the government is trying to generate more reliable and better trade data so that nations can do better planning and frame policies accordingly.

The Minister said that 24 focus manufacturing sectors have been identified which have the potential to expand, scale-up operations, improve quality, and lead enhancement of Indian share in global trade and value chain.

These sectors have capacity to do import substitution and push exports. India is being seen in the world as a trusted and resilient partner in the global value chain, he said.

The government has already announced a Remission of Duties or Taxes on Export Products (RoDTEP) scheme for exporters to take the place of MEIS, and a Committee has also been set up to determine the ceiling rates under the RoDTEP scheme. This new scheme would reimburse the embedded taxes and duties already incurred by exporters.