India Intends To Implement New Export Stimulus Policies For Leather, Carpet And So On.
India
In August 13th, the economic times reported that in order to help exporters tide over the downturn in demand in the US and Europe, India intends to provide new export incentives for leather products, handicrafts, carpets and some engineering equipment.
Earlier, the export expansion policy introduced during the financial crisis expired in March 31st this year.
Reported that Sharma, Minister of Commerce and industry in India, is expected to announce the encouragement of new exports at the August 23rd Annual Review Conference on foreign trade policy.
policy
For example, the value of goods exported to a specific area is 2% of the export duty exemption certificate.
However, the Ministry of Commerce and industry has not yet made a decision on whether the textile industry will apply the new policy. Because of the huge export volume of the textile industry, the industry will take up a lot of government resources.
The report points out that the new policy will be further simplified.
Exit
Procedures allow more exporters to implement "self verification" (self-certification).
At present, only large exporters in some industries allow themselves to verify their exports without having to accept the certification of customs officials.
Transaction costs account for 7% of the total cost of exporters, according to a study by the India Federation of export organizations (FIEO). Simplified procedures and cost reduction policies will give exporters an economic gain of $5 billion.
In the first quarter of this year (4-6 months), India's exports increased by 32% to 50 billion 700 million US dollars over the same period, but exports of handicrafts, leather products and carpets remained low.
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