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
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.