The Government of India has been striving to reach the title of a welfare state. Along the way, they have established organizations to help Indian exporters connect with global markets. The article will go over the export promotion councils in India, explaining their functions and how exporters have benefited so far.
What are Export Promotion Councils?
Export promotion councils (EPCs) are government-sponsored organizations that help export businesses develop their overseas trade and presence. EPCs provide export firms with technical and industry information, promote government schemes, act as a data store, and conduct overseas tours and studies. They also serve as an intermediary between the government and the export industry and are critical in shaping the country's foreign policies.
These Councils are legally registered as non-profit organizations under the Companies Act/ Societies Registration Act. In India, there is a total of 26 export promotion councils that promotes specific products. Every product has its own Export Promotion Council, so the exporter should register under a certain EPC as per their product line.
Features of Export Promotion Councils
- The council provides information to exporters and members so they can expand their businesses into global markets. Also, it makes exporters aware of government schemes and other benefits, which makes it easier for them to run their businesses.
- Responsible for collecting data on the exports and imports of its member countries that are required for International Trade.
- Organizing trade delegations to explore opportunities in international markets.
- Organizing trade fairs, exhibitions, seminars, and working with buyers and sellers are all great ways to promote export business.
- Establishment of communication between the exporter community and the government.
- Assisting exporters to understand and interpret export policies and assistance schemes.
Benefits Offered by Export Promotion Councils
1. RCMC
After registering, the member is given their respective EPC's RCMC (Registration Cum Membership Certificate) by the Federation of Indian Export Organization (FIEO). The RCMC is a license that allows export and provides Foreign Trade Policy concessions. It is valid for 5 years. To get an RCMC registration, the exporter first has to apply to be a member of FIEO.
2. Avail of Concessions
EPCs help the exporters avail themselves of certain concessionary benefits under the Foreign Trade Policy. Some of the more commonly utilized export incentive schemes are the RoDTEP scheme, the Service Exports from India Scheme (SEIS), and the Duty Drawback (DBK) scheme.
There are a lot of other schemes and export incentives that the government offers in the form of subsidies. These can help reduce the export prices for your product.
3. Build Business relations and Stay Updated
It helps you to meet potential buyers by participating in various events and workshops or seminars and thus enables you to stay updated with the latest trends.
Conclusion
Amazon Global Selling is a platform that enables sellers to export their products to over 200 countries and territories. This gives exporters access to a larger customer base and provides an opportunity to reach new markets.