(Asit Ranjan Mishra – Livemint)
The government on Wednesday revamped the export subsidy regime and indicated its intention to phase out subsidies for overseas shipments in compliance with rules of the World Trade Organization (WTO) while setting an ambitious export target of $900 billion to be met by 2019-20.
Unveiling the long-delayed five-yearly foreign trade policy (2015-20), commerce minister Nirmala Sitharaman said the policy will no longer be revisited annually and will only be reviewed after two-and-a-half years to provide a stable policy framework.
The new policy merged all subsidy schemes for merchandise exports and service exports into two separate schemes to simplify the export subsidy regime, and for the first time included units within export-oriented special economic zones (SEZs) under the ambit of such incentives. Click here to read more.