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Import, Export and Trade for MSMEs: The Union Government on Thursday lowered the export obligation under a key incentive scheme namely Export Promotion Capital Goods (EPCG) for 192 products whose exports had declined by more than 5 per cent in the financial year 2022, as per a report by the Economic Times.
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These products include certain kinds of silver, precious metals and concentrates, revolvers and pistols, wrist watches, citrus fruits and some textiles and the move is likely to bring respite to their exporters.
The Directorate General of Foreign Trade (DGFT) in a notification said that its regional offices will re-look at the average annual export obligations under the Export Promotion Capital Goods (EPCG) scheme which allows import of capital goods for pre-production, production and post- production at zero customs duty.
DGFT is a government agency under the Ministry of Commerce and Industry that administers foreign trade guidelines.
Regarding the export obligations, the directorate said, “This implies that the sector/product group that witnessed such decline in 2021-22 as compared to 2020-21 would be entitled for such relief.”
Other goods eligible for the relief are spices such as ginger and turmeric, woven cotton fabrics, cheese and curd, paint varnishes, garments, and tomatoes.
In October this year, India’s merchandise exports contracted by 16.65 per cent to $29.78 billion in key sectors such as petroleum products, engineering goods and textiles.
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However, the country’s goods exports in FY22 were $422 billion as against $291.8 billion in FY21.
Earlier this month, to facilitate trade in the domestic country, the directorate had allowed invoicing, payment and settlement of exports and imports in Indian rupee.
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