Govt announces host of steps to boost exports

The government on Saturday relaxed priority sector lending norms to provide additional export credit of up to Rs 68,000 crore and announced a Rs 50,000 crore scheme to reimburse taxes and duties paid by exporters with an aim to boost dwindling outward shipments.

In addition, it said the insurance cover under the Export Credit Insurance Scheme (ECIS) has been enhanced, which will provide banks more comfort to give loans to exporters, especially those in the MSME sector.

Announcing the measures, Finance Minister Nirmala Sitharaman said exporters need "handholding" and the steps will give them additional advantage at a time when the rupee has depreciated against the US dollar.

She said scheme for Remission of Duties or Taxes on Export Product (RoDTEP) will replace MEIS (Merchandise Exports from India Scheme) and expanded to all segments in addition to textiles.

The RoDTEP scheme will be implemented from January 1.

"Textiles and all other sectors which currently enjoy incentives up to 2 ..