Trade, import, and export for MSMEs: The government on Thursday stated it will release Rs 56,027 crore in the existing monetary year against pending export incentives due to more than 45,000 exporters, about 98 per cent of which have been tiny exporters in the MSME category. The incentives due to exporters belonged to distinct export promotion schemes such as MEIS, SEIS, RoSL, RoSCTL, other scrip-based schemes relating to earlier policies, and the remission help for RoDTEP and RoSCTL schemes for exports made in the 4th quarter of FY21.
Providing a breakup of the incentives due, the government stated that Rs 56,027 crores of arrears is for distinct export promotion and remission schemes such as MEIS (Rs 33,010 crore), SEIS (Rs 10,002 crore), RoSCTL (Rs 5,286 crore), RoSL (Rs 330 crore), RoDTEP (Rs 2,568 crore), and other legacy schemes such as Target Plus (Rs 4,831 crore), and so forth. “This amount is over and above duty remission amount of Rs 12,454 crore for the RoDTEP scheme and Rs 6,946 crore for RoSCTL scheme already announced for exports made in this year, that is, FY22,” an official statement stated.
India’s merchandise exports for April-August 2021 period stood at close to $164 billion, up 67 per cent more than 2020-21 and 23 per cent more than 2019-20 merchandise exports, the statement added. For merchandise exports, all sectors covered beneath MEIS which includes pharmaceuticals, iron and steel, engineering, chemical compounds, fisheries, agriculture and allied sectors, auto and auto elements would be in a position to claim rewards for exports made in earlier years. The government also stated that service sector exporters across travel, tourism, and hospitality segments, would be in a position to claim SEIS rewards for FY20 for which Rs 2,061 crore has been provisioned.
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According to a current PayPal study, enhanced e-commerce adoption and digital payments due to the pandemic, which has also enabled seamless cross-border trade, represented a $526 billion export chance for tiny firms. Of this, almost 60 per cent of exported products have been goods which represented a marketplace worth $313 billion for India’s nearby artisans of tribal solutions, handicrafts, or tiny exporters of gems & jewelry. Some of the greatest performing sectors have been gems & jewelry, prepared-made garments, leather solutions, electronics, and handicrafts, clocking in $60 billion – close to 19 per cent of the total goods exports, according to PayPal’s Cross Border Trade Report 2021.