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TMI BlogFall in Trade DeficitX X X X Extracts X X X X X X X X Extracts X X X X ..... Fall in Trade Deficit - News and Press Release Dated:- 3-8-2016 - News - The merchandise trade deficit of India has narrowed over the last five years as per the details given below: Value in US $ Billion Year Export Import Trade Deficit 2011-12 305.96 489.32 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -183.36 2012-13 300.40 490.74 -190.34 2013-14 314.41 450.21 -135.80 2014-15 310.35 448.03 -137.68 2015-16* 261.14 379.60 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -118.46 Source: DGCI S, * Figures as per Quick Estimates. The main reason behind this development is the differential impact of the global slowdown, which has caused a greater absolute fall in the value of India s imports than in exports since 2011-12. While the reduction in trade deficit is a positive development, some key remedial measures Government has taken to address ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the fall in exports are as follows: i. The New Foreign Trade Policy (2015‐20) was announced on 1st April, 2015 with a focus on supporting both manufacturing and services exports and improving the Ease of Doing Business . ii. In the light of the major challenges being faced by Indian exporters in the backdrop of the global economic slowdown, the envisaged revenue outgo under MEIS w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as increased from ₹ 18000 Crore to ₹ 21000 Crore in October 2015 with accompanying enhancement in benefits on certain products and inclusion of certain additional items. On 04.05.2016, the Government has extended the market coverage to all countries in respect of 2787 lines. Hence Landing Certificates shall not be required under MEIS w.e.f 04.05.2016. This step has been taken as part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Ease of Doing Business and reduction of Transaction Cost of exporters. Accordingly, revenue foregone under the scheme has been revised from ₹ 21000 Crore per annum to ₹ 22,000 Crore per annum. iii. The Government is implementing the Niryat Bandhu Scheme with an objective to reach out to the new and potential exporters including exporters from Micro, Small Medium Enterprises ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MSMEs) and mentor them through orientation programmes, counselling sessions, individual facilitation, etc., on various aspects of foreign trade for being able to get into international trade and boost exports from India. iv By way of trade facilitation and enhancing the ease of doing business, Government reduced the number of mandatory documents required for exports and imports to three each, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which is comparable with international benchmarks. The trade community can file applications online for various trade related schemes. Online payment of application fees through Credit/Debit cards and electronic funds transfer from 53 Banks has been put in place. v Further, the Government continues to provide the facility of access to duty free raw materials and capital goods for exports thr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ough schemes like Advance Authorisation, Duty Free Import Authorization (DFIA), Export Promotion Capital Goods (EPCG) and drawback / refund of duties. This information was given by the Commerce and Industry Minister Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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