ANNOUNCEMENT 18 Nov 2015

In November 2015, the government of India announced a change in financial export support.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE



Official press release - 18 November 2015
http://pib.nic.in/newsite/PrintRelease.aspx?relid=131591

RBI document on implementing the scheme - 4 December 2015
https://rbidocs.rbi.org.in/rdocs/notification/PDFs/257IE85A5E419354C4226B855C5C7E949DF9F.PDF

Inception date: 01 Apr 2015 | Removal date: 27 Apr 2020
Still in force

Other export incentive

 On 18 November 2015, the Indian Cabinet Committee on Economic Affairs approved an Interest Equalisation Scheme (earlier known as the Interest Subvention Scheme) that essentially provides an interest rate subsidy on Pre & Post Shipment Rupee Export Credit. The rate of this subsidy will be 3% and has been provided retrospectively from 1 April 2015 for a period of 5 years. The subsidy is available to Micro Small and Medium Enterprises in exports of 416 tariff lines (at the HS 4-digit level) that are labour intensive and employment generating. The scheme is not available to merchant exporters.
 
To be eligible for subsidy under this scheme, the exported goods will have to meet the minimum criteria for processing of goods to be called as Originating from India and will be governed by the Rules of Origin provisions. According to the official press release, the scheme will have a financial implication of Rs.2500 to Rs. 2700 crore (appx. USD 370 to USD 400 million) annually.
 
The procedure for the implementation of the scheme was published by the Reserve Bank of India on 4 December 2015.
 
*USD to INR conversion is done at INR 67.15/USD

AFFECTED PRODUCTS

 
110100 110290 110311 110313 110520 110710 110812 110819 170410 170490 180310 180400 180620 180631 180690 210111 210112 210120 210130 210220 210230 210390 210610 210690 230120 230310 230800 230910 230990 330119 330124 330125 330129 330130 330190 330210 330290 330300 330430 330491 330499 330510 330520 330530 330590 330610 330690 330720 330730 330741 330749 330790 340111 340119 340120 340130 340211 340213 340219 340220 340290 340600 382311 382312 382319 382370 392310 392321 392329 392330 392350 392390 420100 420211 420212 420219 420221 420222 420229 420231 420232 420291 420292 420299 420310 420321 420329 420330 420340 420500 441400 441900 442010 442090 442190 460129 460219 460290 480255 480256 480257 480258 480261 480269 481830 481890 482320 482369 482390 500710 500720 500790 511219 511290 520811 520812 520813 520819 520821 520822 520823 520829 520831 520832 520833 520839 520842 520843 520849 520851 520852 520859 520911 520912 520919 520921 520929 520931 520932 520939 520941 520942 520943 520949 520959 521059 521111 521132 521139 521142 521149 521211 521212 521213 521214 521215 521223 521225 530310 530500 530720 530810 530890 530911 530919 530921 530929 531010 531090 531100 540710 540720 540742 540751 540752 540753 540754 540761 540769 540772 540774 540781 540782 540783 540791 540792 540793 540794 540824 540834 551311 551313 551319 551321 551329 551331 551341 551349 551411 551412 551419 551429 551430 551442 551449 551511 551512 551513 551519 551529 551599 551611 551623 551642 551693 560500 560729 560749 560750 560790 560900 570110 570190 570210 570220 570231 570232 570239 570241 570242 570249 570250 570291 570292 570299 570310 570320 570330 570390 570490 570500 580136 580137 580190 580410 580620 580632 580639 580890 580900 581010 581091 581092 581099 581100 590190 590210 590290 590310 590390 590699 590700 590800 591110 591190 600191 600410 600490 600621 600622 600623 600624 600631 600632 600634 600690 610120 610130 610190 610220 610230 610310 610322 610323 610329 610332 610342 610343 610349 610413 610419 610422 610429 610432 610442 610443 610444 610449 610451 610452 610453 610459 610462 610463 610469 610510 610520 610590 610610 610620 610690 610711 610712 610719 610721 610729 610791 610799 610811 610819 610821 610822 610829 610831 610832 610839 610891 610892 610910 610990 611011 611020 611030 611090 611120 611130 611190 611211 611300 611420 611430 611490 611595 611596 611599 611610 611693 611710 611780 611790 620111 620112 620191 620192 620193 620211 620212 620213 620219 620292 620293 620311 620312 620319 620331 620332 620333 620339 620341 620342 620343 620349 620412 620413 620419 620423 620429 620432 620433 620439 620442 620443 620444 620449 620452 620453 620459 620462 620463 620469 620520 620530 620590 620610 620630 620640 620690 620711 620719 620721 620791 620819 620821 620822 620891 620892 620899 620920 620930 620990 621010 621020 621040 621050 621112 621132 621133 621139 621142 621143 621149 621210 621230 621320 621410 621420 621430 621440 621490 621600 621710 621790 630120 630130 630140 630190 630210 630221 630222 630229 630231 630232 630239 630251 630253 630259 630260 630291 630293 630319 630391 630392 630399 630419 630491 630492 630493 630499 630510 630520 630532 630533 630539 630619 630710 630790 640192 640199 640219 640220 640291 640299 640319 640320 640340 640351 640359 640391 640399 640411 640419 640510 640520 640590 640610 640690 650400 650500 670290 670300 681320 681381 681389 681510 681599 690210 690220 690290 690310 690320 690390 690490 690710 690790 690810 690890 690912 690919 690990 691010 691090 691110 691200 691390 691490 700220 700231 700232 700510 700521 700529 700711 700719 700721 700910 700992 701010 701020 701090 701120 701310 701349 701399 701610 701790 701810 701890 701912 701931 701952 701990 702000 711719 711790 730110 730120 730210 730230 730240 730290 730411 730419 730422 730423 730424 730429 730431 730439 730441 730449 730451 730459 730490 730611 730619 730629 730630 730640 730650 730661 730690 730711 730719 730721 730722 730723 730729 730791 730792 730793 730799 730900 731010 731021 731029 731100 731414 731419 731511 731512 731519 731589 731600 731700 731811 731815 731816 731819 731821 731822 731824 731829 731990 732010 732020 732090 732111 732189 732190 732392 732393 732394 732399 732410 732490 732510 732591 732599 732611 732619 732620 732690 820110 820130 820140 820190 820239 820310 820320 820330 820411 820412 820510 820520 820551 820559 820570 820600 820713 820719 820720 820730 820740 820750 820760 820770 820780 820790 820810 820840 820890 820900 821210 821220 821420 821520 821599 830120 830140 830160 830170 830210 830220 830230 830241 830242 830249 830250 830300 830510 830520 830610 830629 830630 830710 830890 830910 830990 831000 831110 831190 840211 840212 840219 840220 840290 840310 840390 840410 840420 840490 840510 840681 840682 840690 840710 840732 840733 840734 840790 840810 840820 840890 840910 840991 840999 841012 841013 841090 841112 841121 841122 841181 841182 841191 841199 841210 841221 841229 841231 841239 841280 841290 841311 841319 841320 841330 841340 841350 841360 841370 841381 841382 841391 841410 841430 841440 841451 841459 841480 841490 841510 841520 841582 841583 841590 841620 841630 841690 841710 841780 841790 841810 841821 841829 841850 841861 841869 841891 841899 841911 841919 841920 841939 841940 841950 841960 841981 841989 841990 842111 842119 842121 842123 842129 842131 842139 842191 842199 842230 842240 842290 842330 842390 842410 842481 842489 842490 842511 842539 842549 842611 842619 842620 842630 842649 842699 842911 842920 842940 842951 842952 842959 843041 843049 843061 843069 843210 843221 843229 843230 843290 843351 843352 843359 843390 843420 843510 843610 843621 843629 843699 843710 843780 843790 843810 843830 843840 843860 843880 843890 843920 843991 843999 844110 844130 844180 844190 844250 844311 844313 844316 844317 844319 844332 844391 844399 844400 844511 844512 844513 844519 844520 844530 844540 844590 844621 844629 844819 844820 844831 844832 844833 844839 844849 844851 844859 845011 845012 845020 845090 845140 845180 845190 845210 845230 845410 845420 845430 845490 845510 845521 845522 845530 845590 845610 845710 845811 845819 845891 845940 846090 846150 846190 846210 846221 846229 846239 846249 846299 846310 846330 846490 846510 846599 846610 846620 846630 846692 846693 846694 846711 846719 846729 846792 846799 846880 847410 847420 847431 847432 847439 847480 847490 847590 847689 847710 847720 847730 847751 847759 847780 847790 847810 847920 847940 847960 847971 847981 847982 847989 847990 848041 848060 848071 848079 848110 848120 848130 848140 848180 848190 848210 848220 848230 848240 848250 848280 848291 848299 848310 848320 848330 848340 848350 848360 848390 848410 848420 848490 848690 848710 848790 850211 850212 850213 850220 850231 850239 850240 850300 850410 850421 850422 850423 850431 850432 850433 850434 850440 850450 850490 850610 850680 850710 850720 850730 850760 850780 850790 850940 850990 851130 851140 851150 851180 851190 851210 851220 851230 851240 851290 851310 851410 851420 851430 851490 851529 851531 851539 851580 851590 851629 851679 851680 851690 851711 851712 851718 851761 851762 851769 851770 852550 852560 852580 852610 852691 852692 852719 852721 852729 853010 853090 853510 853521 853529 853530 853540 853590 853610 853620 853630 853641 853649 853650 853661 853669 853670 853690 853921 853922 853931 853932 853939 853990 854411 854419 854420 854430 854442 854449 854460 854470 854511 854519 854520 854590 854620 854690 854710 854720 854790 870110 870120 870190 870600 870790 870810 870821 870829 870830 870840 870850 870870 870880 870891 870892 870893 870894 870895 870899 870919 870990 871200 871310 871410 871420 871491 871492 871493 871496 871499 871640 871680 871690 900110 900140 900150 900190 900211 900219 900661 900691 900699 901090 901180 901380 901420 901490 901580 901590 901720 901730 901780 901920 902300 902480 902519 902580 902590 902610 902620 902680 902690 902810 902830 902890 902920 903120 903149 903180 903190 903300 910121 910211 910219 910229 911390 911430 911490 930510 930520 930700 940110 940120 940161 940169 940171 940179 940180 940190 940290 940310 940320 940330 940340 940350 940360 940389 940390 940429 940430 940490 940510 940520 940540 940550 940560 940591 940592 940599 950300 950490 950510 950590 950662 950669 950691 950699 950790 960190 960200 960321 960330 960390 960630 960810 960820 960840 960891 960899 961400 961700 961900 970110 970190
(+ 1207 more)