MEIS is an acronym that stands for Merchandise Exports from India Scheme. It is a trade incentive program initiated by the Government of India to promote and boost the exports of goods manufactured in the country. The MEIS was introduced as part of the Foreign Trade Policy (FTP) 2015-2020.
Under the MEIS, exporters are provided with financial assistance in the form of duty credit scrips. These scrips can be used to pay for a variety of duties and taxes levied on imports of raw materials or finished goods. The amount of assistance offered to exporters is determined by the overall value and volume of the exports made.
The objective of MEIS is to encourage Indian manufacturers and exporters to penetrate international markets, enhance competitiveness, and diversify their export products. By providing financial support in the form of duty credits, the scheme aims to offset infrastructural inefficiencies and additional costs associated with exporting from India.
The MEIS covers a wide range of export products, including manufactured goods, processed agricultural products, handmade textiles, and certain specified services. However, it does not apply to all products and certain items are either ineligible or have limited benefits under the scheme.
Overall, MEIS is a government-backed scheme aimed at incentivizing and promoting India's export sector by providing financial assistance to exporters, thereby strengthening the country's trade ties and contributing to economic growth.
