Union budget 2016: Jaitley extends support to export sector
PTI February 29, 2016
The Finance Minister Arun Jaitley today widened the duty drawback scheme to extend more support to the export sector.
Under the scheme, the government refunds duties on imported inputs for export items.
Imports shrank 11 per cent to USD 28.71 billion last month, resulting in a trade deficit of USD 7.63 billion, lowest in eleven months. In February last year, the deficit was USD 6.85 billion.
For the first 10 months of the current fiscal, cumulative exports declined by 17.65 per cent to USD 217.67 billion, as against USD 264.32 billion in April-January period of 2014-15.