The Export Promotion Councils were established by the government to assist exporters in expanding their operations into new markets.The primary responsibility of a council is to support industry exporters.It advertises and regulates the product category with which it collaborates.
This influences the economy’s export performance and broadens their opportunities.EPC’s primary goals are as follows:
- Provide council members with data that will assist them in expanding their businesses into international markets.
- Organizing trade missions to investigate all potential export and trade opportunities to boost export business, trade fairs, exhibitions, and conferences to facilitate contact between the government and the exporter community to assist exporters in comprehending and interpreting export regulations and support programs to advise members on a variety of topics, the council also informs exporters about government initiatives and other benefits.
- It inculcates export financing, and product insurance. It also includes gathering market data and providing it to exporters to help them maximize their export opportunities. It also includes giving Indian exporters certificates of origin to prove the goods’ provenance.
What is The Purpose of The Export Promotion Council?
EPCs assist the exporter in obtaining foreign trade policy benefits and concessions.These are some of the most prevalent export incentive programs:
RoDTEP:The Remission of Duty or Taxes on Export Products is the name of this plan.Service Exports from India Scheme (SEIS): It reimburses exporters for central and state taxes and tariffs.Exporters are offered numerous incentives under this scheme.
Duty Drawback (DBK): It ranges from 3% to 7% of the total amount of foreign exchange they export.Exporters receive reimbursement for excise and central taxes paid on imports under this plan.
Export prices are lowered by incentives provided by the government in the form of subsidies.Low-interest loans, reductions in taxes, and exemptions from duties are examples of these incentives.or even subsidies that lower the cost of exporting.
According to the MoSPI, India was the 18th-largest exporter in the world in 2019.However, that year, only 1.72 percent of Indian exports were sold on the global market.India’s need for export development.
There is an organization for export promotion in each nation.In India, approximately 37 organizations offer exporters of various product categories services.The emphasis placed on product promotion is enhanced by this classification.Additionally, it allows EPCs to assist exporters more effectively.
In 1965, the Federation of India Export Organizations (FIEO) was established in India specifically for this purpose.It serves as a crucial link between the Indian government, financial institutions, ports, and railways, as well as the Indian trading community.To aid export trade, it further connects to other surface transportation modes.To reap the full benefits of The Foreign Trade Policy, an RCMC is required.
Benefits of the RCMC Certificate Policy for International Trade:
Anyone with an export registration on the RCMC Application will be eligible for the benefits of the foreign trade policy (FTP).In addition, exporters who are registered with the RCMC have access to regular updates regarding international trade policy.
Using a Variety of Methods: Numerous FIEO schemes are available to the registered export company.However, these advantages cannot be utilized by an exporter or corporation that has not been registered.
Government observance:The registered exporting company, firm, or individual will adhere to the laws.
News and Updates from the FIEO: The registered businesses will have access to the FIEO’s various benefits and daily updates on foreign trade policy.Those who wish to take advantage of FEIO but do not yet have a registration are still able to do so through individual exporter registration.