: 39 towns have been recognized as Towns of Export Excellence under the Foreign Trade Policy #finance #StockMarketNEWS 39 towns have been recognized as Towns of Export Excellence under the Foreign Trade

39 towns have been recognized as Towns of Export Excellence under the Foreign Trade Policy #finance #StockMarketNEWS
39 towns have been recognized as Towns of Export Excellence under the Foreign Trade Policy New Delhi, Feb 5 (KNN) The central government has given the tag of Town of Export Excellence (TEE) to 39 towns under the Foreign Trade Policy (FTP) 2015-20 which was extended up to 31.03.2022 in view of Covid19.

A new FTP 2015-20 was launched on April 01, 2015. The policy, inter alia, rationalized the earlier export promotion schemes and introduced two new schemes, namely Merchandise Exports from India Scheme (MEIS) for improving export of goods and ‘Services Exports from India Scheme (SEIS)’ for increasing exports of services.

The 39 towns of export excellence include major export hubs. In its recent announcement, the government has given the tag of town of export” to Noida for apparel products, a move to promote outbound shipment.

Towns producing goods of Rs 750 Crore or more can be recognized as TEE based on the potential for growth in exports.

However, for the TEE in the Handloom, Handicraft, Agriculture, and Fisheries sector, the threshold limit is Rs.150 Crore.

The notification of TEE is done in Appendix 1B of Foreign Trade Policy based on the proposals received from the Industry Association and in consultation with other stakeholders.

Recognized associations of units in Towns of Export Excellence can avail financial assistance under Market Access Initiative (MAI) scheme, on a priority basis, for export promotion projects for marketing, capacity building, and technological services.

States which are currently availing benefits include Tamil Nadu, Punjab, Haryana, Kerala, Rajasthan, Uttar Pradesh, Madhya Pradesh, Gujrat, Jammu and Kashmir, Maharashtra, Orissa, Tripura, Gujrat, Tamil Nadu.

Foreign Trade Policy is a set of guidelines and instructions established by the DGFT in matters related to the import and export of goods in India. The Government of India, Ministry of Commerce and Industry announces Export-Import Policy every five years.

Details of benefits extended to the Towns of Export Excellence (TEE) by DGFT Regional offices are at Annexure-II. (KNN/AT)