In order to boost exports, Finance Minister Nirmala Sitharaman has announced Dubai-like mega shopping festivals in India, starting March 2020. The government is expected to hold these festivals in four Indian cities, and the move is likely to boost textiles, leather industry & promote yoga tourism. Nirmala Sitharaman said the government is planning various themes for these festivals, ranging from gems and jewellery, textiles and leather to yoga, among others. The government is eyeing a boost to tourism with these festivals. “Mega shopping festivals will be held in India to attract people from all over the globe in a bid to push Indian business, exports and tourism,” Finance Minister said.
In Saturday’s press conference, the government has especially focused on exports and announced several measures to promote the same. In the same vein, the finance minister said a new scheme — Remission of Duties or Taxes on Export Product (RoDTEP) will be launched to incentivise exporters. This will cost the government an estimated amount of Rs 50,000 crore. The RoDTEP scheme will replace the existing Merchandise Export From India (MEIS).
Also, the government has decided to ramp up exports of Indian handicraft by roping in e-commerce platforms. As a part of a slew of measures to provide a fillip to exports, the government has also planned “Special dispensation for facilitating and on-boarding handicrafts artisans and handicraft co-operatives directly on e-commerce platforms and enable seamless exports”. The government aims at mass enrolment of artisans with the help of textile and organisations like TRIFED, CIE etc, the finance minister further added.
The government has already taken several measures in the direction of promoting exports in the last few years. This includes the interest equalization scheme on pre and post-shipment rupee export credit which stood at 3%. The government had raised the same to 5% for MSME exporters. India also performed better on the global Ease of Doing business index.