A total of 21,778 startups were started in Startup India, an important program to promote self-employment. According to the Global Innovation Index (GII) report, India has reached 52nd position in 2019. India’s ranking in the year 2015 was 81. India has become the first developing country to release the Global Innovation Index (GII) in collaboration with the World Intellectual Property Organization (WIPO) and the Confederation of Indian Industry (CII). The Patent (Amendment) Rules, 2019 have been simplified keeping in mind the needs of small industries and startups to encourage innovation in the past year. This led to a reduction in procedural expenditure and more and more entrepreneurs come forward for innovation.
The Export Credit Guarantee Corporation (ECGC) implemented the new Export Credit Insurance Scheme (ECIS) for exporters and named it ‘Nirvik’. Under this scheme, insurance coverage was extended by banks for export credit. This range has been increased from the present 60 percent average to 90 percent for both principal and interest. A portal has been released for ‘Transport and Marketing Assistance (TMA)’ scheme for specific agricultural products.
A database has been prepared for all pending claims under ECGC. This will be an important means of providing information to exporters. The online ‘Origin Management System’ provides all exporters with a single window for all free trade agreements (FTAs), preferential trade agreements (PTAs) and all agencies. India has 15 countries with FTAs and PTAs.
Duty Exemption or Export Excise Tax (RODTEP) scheme was introduced in place of the Merchandise Export (MEIS) scheme. This would be in line with the provisions of the World Trade Organization to promote exports. Textiles and all other sectors with incentives of up to two percent on MEIS will be covered under RODTEP from January 2020.
A capital of Rs 389 crore was invested in Export Credit Guarantee Corporation (ECGC). This provided additional support to exporters for emerging and challenging markets such as Africa, CIS, Latin America and Asian countries. The National Export Insurance Account (NEIA) was given a grant-in-aid of Rs 300 crore. This will increase the ability to support export projects in challenging markets.