Government to clear export incentive arrears worth Rs 56,000 crore in this financial year

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The government has decided to clear all pending export incentive dues amounting to Rs 56,027 crore in the current financial year itself. The decision of the government would benefit more than 45,000 exporters, 98% of whom are small exporters in the MSME category.

This amount includes claims relating to MEIS (Rs 33,010 crore), SEIS (Rs 10,002 crore), RoSL (Rs 330 crore), other scrip-based schemes relating to earlier policies and the remission support for RoDTEP (Rs 2,568 crore) and RoSCTL (Rs 5,286 crore) for exports made in the 4th quarter of 2020-21.

This amount is over and above duty remission amount of Rs 12,454 crore for the RoDTEP scheme and Rs 6,946 crore for RoSCTL scheme already announced for exports made in the current financial year.

According to a statement by the Ministry of Commerce and Industry, the decision to clear all pending export incentives within this financial year will lead to even more rapid export growth in coming months.

Exports in India have seen robust growth in recent months. Merchandise exports for April-August, 2021 was nearly $164 billion, which is an increase of 67% over 2020-21 and 23% over 2019-20.

To claim benefits relating to earlier years, exporters will have to file by December 31, 2021 beyond which they will become time barred.

The online IT portal will be enabled shortly to accept MEIS and other scrip-based applications.

“A decision to clear all pending export incentives within this financial year itself despite other budgetary commitments arising out of the pandemic is with the objective of providing timely and crucial support to this vital pillar of Indian economy,” says the commerce ministry statement.

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