Which scheme provides financial incentives to promote exports from SEZs?
Show answer & explanation
Correct answer: A
Explanation
Correct Answer:
Merchandise Exports from India Scheme (MEIS)
Explanation:
The Merchandise Exports from India Scheme (MEIS) was a major initiative introduced under India's Foreign Trade Policy to provide financial incentives and rewards to exporters, including units operating within Special Economic Zones (SEZs), to offset infrastructural inefficiencies and associated costs. The scheme rewarded exporters through duty credit scrips. Later, as part of aligning with World Trade Organization (WTO) norms, MEIS was phased out and replaced by the RoDTEP scheme.
Additional Points:
Special Economic Zones (SEZs) function as duty-free enclaves designated to boost manufacturing, foreign investments, and seamless export operations in India.
Important Questions and Answers:
Question: What does the acronym MEIS stand for?
Answer: Merchandise Exports from India Scheme.
Question: Which scheme subsequently replaced MEIS to ensure compliance with global trade regulations?
Answer: RoDTEP (Remission of Duties and Taxes on Exported Products).