Merchandise Exports from India Scheme (MEIS)
Merchandise Exports from India Scheme (MEIS) is a part of the Foreign Trade Policy of India 2015-20, along with the Service Exports from India Scheme (SEIS). MEIS aims to incentivize merchandise exports, replacing five previous incentive schemes from the earlier Foreign Trade Policy 2009-14.
The schemes that have been replaced by the MEIS scheme include:
- Focus Product Scheme (FPS)
- Focus Market Scheme (FMS)
- Market Linked Focus Product Scheme (MLFPS)
- Infrastructure incentive scheme
- Vishesh Krishi Gramin Upaj Yojna (VKGUY)
About the Scheme
The scheme aims to make Indian products more competitive in global markets by providing incentives to exporters. These incentives come in the form of duty credit scrips, which compensate exporters for the duties they pay. The incentives are calculated as a percentage of the realized Free on Board (FOB) value in foreign exchange for specific goods that are sent to designated markets.
Countries are divided into three groups based on their relationship with India as export destinations.
- Group A: This includes India’s traditional export destinations like the countries in the European Union (EU) and the United States (USA).
- Group B: The largest group comprising the majority of India’s major export destinations worldwide. It’s important to note that Group B offers the highest level of incentives.
- Group C: This group doesn’t offer any incentives. We can split it into regions like SAARC, Australia, New Zealand, some EU countries, and certain African nations.
- Back in January 16, 2016, Prime Minister Narendra Modi took a big step by launching the Start Up India Action Plan.
- To create a supportive environment for innovation and startups right here in our country.
- Fast forward three years, and India has truly blossomed into a vibrant startup hub on the global stage.
- The government has been keen on recognizing the incredible potential of startups spanning various sectors.
- Prime Minister Modi has emphasized on what he calls the three C’s: capital, courage, and connections. According to him, these are essential for anyone looking to start their own business.
- Increase in entrepreneurs, especially from smaller cities in Tier-2 and Tier-3 categories.
- Additionally, the Startup India program has seen a notable rise in the participation of women, marking a positive shift towards inclusivity and diversity in the startup landscape.
About Startup India
- Startup India is a major project of the Indian government, aiming to create a supportive environment for fostering innovation and new businesses in the nation.
- Its goal is to fuel lasting economic development and create numerous job opportunities.
- Through this initiative, the government seeks to enable startups to thrive by encouraging innovation and thoughtful design.
- Prime Minister Narendra Modi first introduced the campaign during his speech on August 15, 2015, delivered from the iconic Red Fort in New Delhi.
- The official inauguration of the event took place on January 16, 2016.
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