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A New Export Boosting Measure: Remission of Duties or Taxes on Export Product (RoDTEP)

India's share in the international market is substantially increased in recent years. As a result, US President Donald Trump has announced plans to end the US's preferential trade status (GSP) with India. It is a clear sign that India is no more a developing nation. 
As a repercussion, Hon'ble Finance Minister Smt. Nirmala Sitharaman has recently announced that the MEIS scheme has to be discontinued effective from 31.12.2019. However, as per the latest announcement by DGFT, MEIS will be continued till March 2020. 
This year, a new Foreign Trade Policy is likely to be announced in the month of April. Under the regime of the new Foreign Trade Policy, the scheme for 'Remission of Duties or Taxes on Export Product' (RoDTEP) will replace MEIS. The scheme provides an additional export credit of up to Rs. 68,000 crores and the projected forgone revenue will be up to Rs. 50,000 crores. RoDTEP will also incentivize Indian exporters more than existing schemes (MEIS + RoSL) collectively.
At this point in time, we can only hope that RoDTEP will work in the interest of Indian exporters and India will continue to grow its market share on the world stage. In our opinion, with the help of RoDTEP Indian exporters may get a competitive advantage against goods & services in the international market.
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