New Delhi: Under the new five-year Foreign Trade Policy (FTP), the government will provide incentives to eCommerce companies exporting products from sectors that create jobs. Presenting the policy, Commence and Industry Minister Nirmala Sitharaman said government will provide incentives to eCommerce firms that export products from sectors on which the government is focusing on job creation.
Under the new five-year Foreign Trade Policy (2015-20) the government has introduced two new schemes — Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS) to promote exports. Firms that export goods through courier or foreign post office using e-commerce of FOB (Freight on Board) value up to Rs 25,000 per consignment will be entitled for rewards under MEIS.
The objective of MEIS is to offset infra inefficiencies and associated costs involved in export of goods, which are manufactured in India and especially those having high export intensity, employment potential and can enhance India’s export competitiveness. If the value of exports using e-commerce platform is more than Rs 25,000 per consignment then MEIS reward would be limited to FOB value of Rs 25,000 only.
The goods entitled for benefit under the scheme are handloom, books & periodicals, leather footwear, toys and customised fashion garments. “Export of such goods under courier regulations shall be allowed manually on pilot basis through airports at New Delhi, Mumbai and Chennai…Department of Revenue shall fast track the implementation of EDI mode at courier terminals,” the policy said.