Thursday, July 11, 2013: Under the new Focus Scheme, several hi-tech products from industries such as electronics, engineering, pharmaceuticals and chemical will now be applicable for export incentives. The estimated benefit will be extended to about 158 items from 15 August and this will be done primarily with the aim to boost sagging exports.
The detailed list of the 158 items is available with the Director General of Foreign Trade (DGRT). The products that are to be covered under the scheme are now completely entitled to two per cent duty credit depending on the total value of exports. According to exporters, this regulation will be highly helpful to increase the shipments that are to be identified in the list.
According to the President of the Federation of Indian Export Organization (FIEO), Rafeeque Ahmed, though India is capable of producing high-tech products that are in line with the international quality standards, too less has been done in this regard and the sector has been lagging behind. The support under the current scheme from the Government will certainly be helpful for exporters to find a market for themselves. Since the last couple of years, the export of electronic products and engineering goods from India has taken a toll dur to economic uncertainty covering the whole nation.
The decision to provide export incentive to high-tech products was announced on 18 April by Anand Sharma, the Commerce and Industry Minister as per the revisions to India’s Foreign Trade Policy. The objective of the revision is to promote high-tech export volumes and also increase employment potentials.
