Question

How many groups of all countries have been divided under the merchandise exports from India Scheme?
1. Three groups
2. Four groups
3. Five groups
4. None of the above

Answer 1

Correct Answer - Option 1 : Three groups

The correct answer is Three groups.

• Merchandise Exports from India Scheme(MEIS)
  • ​Merchandise Exports from India Scheme under Foreign Trade Policy of India(2015-2020) is one of the two schemes introduced in Foreign Trade Policy of India 2015-20, as a part of the Exports from India Scheme. The other scheme is SEIS, Service Exports from India Scheme.
  • MEIS replaced five other similar incentives schemes present in the earlier Foreign Trade Policy 2009-14.
  1. Focus Product Scheme.
  2. Focus Market Scheme.
  3. Market Linked Focus Product Scheme.
  4. Infrastructure Incentive Scheme.
  5. Vishesh Krishi Gramin Upaj Yojana.
  • Objectives: To reduce infrastructural inefficiencies and the associated costs of exporting products produced in India, giving special emphasis on those which are of India's export interest and have the capability to generate employment and enhance India's competitiveness in the world market.
  • The rewards are given by way of duty credit scrips to exporters.
  • The MEIS is notified by the DGFT( Directorate General of foreign trade) and implemented by the Ministry of Commerce and Industry.
  •  There are three country groups
    1. Group A has India's traditional destinations such as the EU countries and the USA.
    2. Group B has the maximum number of countries and covers almost all of India's major export destinations globally. It has the highest quantum number of incentives.
    3. Group C has no incentive at all. It includes SAARC, Australia, New Zealand, and African Countries.