The Commerce Ministry has decided to include 158 hi-tech products under Focus Product Scheme (FPS), said the Ministry of Commerce and Industry in a statement on Tuesday.
During the Foreign Trade Policy (FTP) announcements on April 18, the Commerce & Industry Minister, Anand Sharma had mentioned that export of hi-tech products would be incentivised and it would be separately notified.
It has been decided that the products included under Focus Product Scheme (FPS) will get 2 percent incentive of the Free-on-Board (FOB) value of exports, the ministry also mentioned.
To fulfill this objective, a task force was set up under the chairmanship of additional secretary in Department of Commerce (DoC), Rajiv Kher in order to study the list of items eligible for such benefit under the scheme.
Sharma had convened a meeting with leading Chambers of Commerce & Industry and Export Promotion Councils on July 1 for inviting suggestions in this regard and also for increasing India's exports.
The Export Promotion Councils and Chambers of Commerce & Industry were asked to submit their suggestions by July 5.
The report of the committee and suggestions received from Chambers of Commerce & Industry and Export Promotion Councils have been analysed by Department of Commerce (DoC) and thereafter the decision has been made to include high-tech products under FPS.
The items from engineering, electronics, chemical and pharma sector have been covered under this list. Such benefits will be admissible for exports made w.e.f. 15.8.2013. This list is being notified separately by Director General of Foreign Trade (DGFT).