Focus: GS-III Industry and Infrastructure
Why in news?
Commerce and Industry Minister said that the Government is committed to policy simplification and asked for industry’s feedback and cooperation. Inaugurating CII National Digital conference on Ease of Doing Business for Atmanirbhar Bharat.
- The Minister emphasized that a single window system for industrial approvals will soon be in place.
- He urged both industry and government to work as partners and urged the industry to play a proactive role in helping the government identify the tax evaders and violators.
- On the incentive scheme for exports- Merchandise Export from India Scheme (MEIS) – the Government is looking for an early solution and the government will find a way that does not impact exports.
- The Minister said that his Ministry has already identified 20 industrial sectors for giving focused push.
Merchandise Exports From India Scheme (MEIS)
- MEIS was introduced in the Foreign Trade Policy (FTP) for the period 2015-2020.
- The MEIS was launched as an incentive scheme for the export of goods. The rewards are given by way of duty credit scrips to exporters.
- The MEIS is notified by the DGFT (Directorate General of Foreign Trade) and implemented by the Ministry of Commerce and Industry.