With the election fever going on in the various states of India, so are the expectations of the small, medium, and large enterprises looking to get a solid opportunity from the government policies to grow their EXIM business in the country.
As the country gears up for the Election 2019 campaign, the business owners are looking for some positive outcomes which help them to easily manage their exporting of goods and services to foreign countries, and in a similar manner, it will help an importer to get raw materials and other goods from a foreign country to get at low prices which will help them to earn a good profit margin in the local market.
When it comes to the Foreign Trade in India, the total exports (According to the Ministry of Commerce & Industry) have increased 8.73 percent in 2018-2019 to USD 483.92 billion and imports have increased to USD 577.31 billion making an increase of 9.42 percent in imports.
The government announcement plays an important role in the rise and fall of a country’s economic condition. In a country like India, where an election is one of the best ways to attract the voters through the government schemes which promise to give subsidies in various sectors of EXIM Business, people can easily take advantage of it to grow their business in the international market.
Let’s have a look at the Foreign Trade in India and its policies which were announced by the Ministry of Commerce where one can easily understand where they can make profits in the EXIM business India in the coming years.
These policies are given below:
- For ready-made garments, the ministry of commerce and industry has enhanced the scope of MEIS (Merchandise Exports from India Scheme) and SEIS, which is Service Exports from India Scheme by making a 2 percent rise in the MEIS incentive and also making a 2 percent rise in the SEIS incentive.
- A further announcement from the government of India during their upcoming Election 2019 campaign, was made which will give subsidy schemes for exports in order to boost exports in the international market.
- Also, the business can now take advantage of simplified rules by RBI in the credit to exporters policy. This will help an enterprise to get a long-term advance from the banks which can be availed for up to 10 years to service their contracts easily.
Apart from these policies and the upcoming Election 2019, will be a solid platform for the business owners to easily sell and purchase in the foreign market due to the rules and foreign trade policies which have boosted tied with many important countries for smooth business plans.
For more information on how you can make the best use of Foreign Trade in India, call our experts at IMPEXPERTS, a highly recognized and reliable name in the market when it comes to importing export business consultancy.
Contact Us on +91 9211066888 to get an insight into what we offer in the world of import and export to make your dream of doing international trade possible.