New Delhi: The Indian government has closed down an incentive of five to seven percent on exports to exporters. The government's move will cost Moradabad's handicraft industry around Rs 500 crore. Moradabad's handicraft industry has already been suffering from the recession. Satpal, former head of EPCH, says that as per the government's pre-announced import-export policy, exporters were to get MEIS lines by March 2020.
But under the pressure of the WTO, the Government has withdrawn it without any prior notice. According to Satpal, the elimination was detected by exporters when they wanted to apply on the site of the DGFT to claim MEIS on July exports. There was an online application for MEIS. Even after a lot of searching on the site of the DGFT, the exporters did not see the meIS application column.
The former chief said that when he spoke to the officials of the Ministry of Commerce, it was learned that MEIS had been withdrawn from the DGFT site on August 1. Now exporters will not get MEIS. Instead, the Government is preparing to come out with another scheme. Till now, the Central Government had granted MEIS licenses as an incentive of seven percent of the total export and five percent of the total export on the export of products made of wood and iron.
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