1ndia plans to implement new export stimulus policy for leather products

1ndia’s Economic Times reported on August 13 that in order to help export enterprises tide over the decline of demand in European and American markets, 1ndia plans to provide new export stimulus policies for leather products, handicrafts, carpets and some engineering equipment. Previously, the export expansion policy introduced during the financial crisis expired on March 31 this year

it is reported that 1ndian Minister of Commerce and industry Sharma is expected to announce new policies to encourage exports at the annual review meeting of foreign trade policy on August 23, such as providing tax-free certificates with the value of 2% of the export value for specific goods sold to specific regions. However, the Ministry of Commerce and industry has not yet made a decision on whether to apply the new policy to the textile industry. Because of the huge export volume of the textile industry, supporting the industry will occupy a lot of government resources< The report points out that the new policy will further simplify export procedures and allow more exporters to implement "self certification". At present, only large exporters in some industries are allowed to verify their exports without the certification of customs officials. According to a study by the Federation of 1ndian export organizations (fieo), transaction costs account for 7% of the total costs of exporters. Simplifying procedures and reducing cost policies will bring us $5 billion in economic benefits to exporters in the first quarter of this year (April to June), 1ndia’s exports increased by 32% year-on-year to US $50.7 billion, but the exports of handicrafts, leather products, carpets and other industries are still sluggish

Back to list