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Manufacturing under Customs Bonded Warehouse – Opening up new possibilities
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Last Updated: Jan 31, 2021, 10:02 AM IST
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Synopsis
The manufacturing industry expects that the government, through the Budget, would bring in incentives or new schemes to infuse fresh life and to also, promote foreign investment in this sector which will assist in generating employment.
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Under the CBWs scheme, a manufacturer is allowed to import duty-free inputs/capital goods for undertaking manufacturing in CBWs.
Union Finance Minister Nirmala Sitharaman would be presenting the Union Budget on 01 February 2021, one of the most critical Budgets in recent times as it would define India’s path to economic recovery. The Indian economy has been severely impacted by the COVID-19 outbreak which has resulted in growing unemployment, led to a sharp fall in the GDP and also lowered industrial output and profits, jeopardising growth prospects, crimping new foreign investment in ma
Government considering continuation of export promotion scheme in new trade policy
January 26, 2021
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The scheme is seen as more acceptable for WTO members than MEIS, which has been replaced
The Centre is considering the option of continuing the Export Promotion Capital Goods (EPCG) scheme, which allows exporters to import certain capital goods used in manufacturing without paying duties, for some more time, despite a World Trade Organisation (WTO) panel ruling that the scheme is not consistent with multilateral rules.
In ongoing consultations for the new Foreign Trade Policy (FTP), the Directorate-General of Foreign Trade (DGFT) has received a number of representations from export bodies for continuation of the EPCG scheme, an official close to the development told