With reference to the Foreign Trade Policy 2015 20 consider the following statements 1 It aims to in...........

Economic Affairs Foreign Trade - Trends and Policy

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With reference to the Foreign Trade Policy 2015-20, consider the following statements:

1. It aims to increase India's exports to US$900 billion by 2019-20.

2. It has launched Merchandise Export from India Scheme to incentivise exports by giving duty concessions.

Which of the statements given above is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

Some of the salient features of India's Foreign Trade Policy 2015-20 are as follows:
o Increase exports to $900 billion by 2019-20, from $466 billion in 2013-14
o Raise India's share in world exports from 2% to 3.5%.
o Merchandise Export from India Scheme (MEIS) and Service Exports from India Scheme (SEIS)
launched. Merchandise Export from India Scheme (MEIS) and Service Exports from India Scheme (SEIS)
are schemes to incentivise export of selected items of goods and services respectively by giving duty concessions
o Higher level of rewards under MEIS for export items with High domestic content and value addition.
o Export obligation under EPCG scheme reduced to 75% to promote domestic capital goods manufacturing.
o FTP to be aligned to Make in India, Digital India and Skills India initiatives.