Merchandise export incentive scheme (MEIS)

Why in news?

After decelerating for five quarters, the growth in GDP recovered to 6.3% in Q2 of 2017-18 on account of a rebound in manufacturing

But achieving 7.5% plus growth after 2018-19 will require a series of measures for manufacturing.

FACTS FOR PRELIMS

Ministry/Department: Ministry of Commerce & Industry

Scheme:

MEIS was launched under Foreign Trade Policy of India (FTP) 2015-20.

It is one of the two schemes introduced in FP 2015-20, as a part of Exports from India Scheme. The other scheme is Service Exports from India Scheme (SEIS).

Objective of MEIS is to offset infrastructural inefficiencies and associated costs involved in export of goods and products, which are produced and manufactured in India.

It seeks to enhance India’s export competitiveness of these goods and products having high export intensity, employment potential.

Under this scheme, Ministry of Commerce gives duty benefits to several products. It provides duty benefits at 2%, 3% and 5% depending upon the product and country.

It has three sub components:

Vishesh Krishi and Gram Udyog Yojana

Focus Market Scheme

Focus Product Scheme

SOURCE – THE INDIAN EXPRESS.