On May 19, 2020, the Federation of Indian Export Organization reported that the Indian Exports are to fall by 20%. This according to the organization will amount to 50-60 billion USD.
Highlights
- The FIEO, the apex body of the exporters has requested to provide additional 2% support under the MEIS (Merchandise Exported from India) scheme.
- Also, the organization has requested additional 4% support to labour intensive sectors.
- The support is being demanded as incentives.
- The incentives to be provided in the form of duty credit.
MEIS Scheme
- The MEIS scheme was introduced under Foreign Trade Policy of India.
- The scheme focuses to make the Indian products competitive in the Global market.
- The MEIS scheme replaced Focus Product Scheme (FPS), Focus Market Scheme (FMS), Infrastructure Incentive scheme and Vishesh Krishi Gramin Upaj Yojana.
Federation of Indian Export Organization
- The FIEO was set up under Ministry of Commerce.
- It is the premier body of Export Promotion Council.
- The Organization provides an interface between international trading community and central and state governments in the country.
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