The Ministry of Commerce and Industry has requested the Federation of Indian Export Organisations (FIEO) and Economic Laws Practice to evaluate the existing export promotion schemes and incentives received by Small and Medium Enterprises (SMEs) in India and make suitable suggestions to the Government for enhancing the export performance.
By this, FIEO will assess and collect feedback from SME exporters on the existing export incentives and schemes such as the DEPB, Advance Licence Scheme, Duty Drawback, etc. to make the schemes more users friendly, transparent and accessible. It will also evaluate whether any special finance scheme is available for exporters through the SIDBI or any other nationalized banks and how these financial schemes should be improved in order to make them user friendly, transparent and accessible.
Another suggestion from the Ministry to the FIEO is to mobilise suggestions from exporters on measures to eliminate the time lags and procedures towards availing benefits under various Export Promotion Schemes and to incorporate specific Export Promotion Schemes/incentives that the exporters have observed in other countries, which could be implemented in India.
FIEO has also asked the members of trade bodies, including Pharmexcil, to suggest new schemes/incentives effective in the context of SMEs and measures for an effective marketing of SME products with comparison of SMEs in International markets. Suggestions have also been invited on quality aspect of SME products, informed Pharmexcil sources.