Merchandise Exports from India Scheme was launched in which of the following years?
Show answer & explanation
Correct answer: D
Explanation
Explanation:
- The Merchandise Exports from India Scheme (MEIS) was launched on April 1, 2015.
- Objective: The primary objective of this scheme was to provide financial incentives to Indian exporters—in the form of 'Duty Credit Scrips'—on the goods they export, in order to enhance the competitiveness of Indian products in the global market.
- Foreign Trade Policy: This scheme was introduced under India's 'Foreign Trade Policy (FTP) 2015-20'. It integrated five previously existing schemes (such as the Focus Product Scheme, Market Linked Focus Product Scheme, etc.) into a single framework.
- Current Status: Effective January 1, 2021, the MEIS scheme has been discontinued and replaced by a new scheme known as RoDTEP (Remission of Duties and Taxes on Exported Products).
Key Points:
- RoDTEP Scheme: This is currently the primary scheme in force for providing exporters with a remission of taxes and duties.
- SEIS (Service Exports from India Scheme): This scheme was launched in 2015 specifically to promote the export of services.
- Export Promotion: The government aims to boost India's total exports (comprising both goods and services) to $2 trillion by the year 2030.
Important Questions for Upcoming Examinations:
Question: Which new scheme has now replaced the MEIS scheme?
Answer: The RoDTEP scheme.
Question: In which year was India's current Foreign Trade Policy (FTP) implemented?
Answer: In 2023 (this is a continuous policy).
Question: Which sector is the SEIS scheme associated with?
Answer: The Service Exports sector.
Question: What are 'Duty Credit Scrips' used for?
Answer: For the payment of import duties.