Introduction: Export Jute
Hey Corpseed readers, today we are going to tell you about the procedure of jute export from India. Recently, the Indian government taking aggressive action to create favorable conditions for every business and this is also known as "Ease of doing Business". The Indian government has also Reduced export-import documentation requirements to improve the ease of business conditions in India. The procedure and documentation for getting permissions for import and import become easier for every importer and exporter. Every importer/Exporter may require different documentation for the Import or export of their product and this paperwork depends on the nature of that product but Outlining the fundamental paperwork required for Export customs clearance in Exporting nations is still not difficult. This blog would help you to understand a general overview of the process of exporting jute from India.
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If you are a jute manufacturer and you are willing to export jute from India to some another country, then this blog could be really helpful for you to understand the complete procedure information about the export of jute from India to other countries. This blog consists the information about export statistics for jute, international buyers and importer countries of jute, exporting Jute procedures, and the customs duties and export taxes that apply to Jute exports from India to another country. Indian government wants to make the jute exporting procedure simpler and more efficient.
Jute demands are rising day by day in the international markets. As per the data of the jute export analysis, jute is consistently imported from India to other 186 nations and territories. India exports the jute worth 322.69 USD million in total. As per the government data of jute exports, there are top 5 jute buyers of India purchase jute from Indian exporters in a very large amount, despite the fact that the combined export value of these top 5 nations is approximately 128.36 USD million, or 39.78% of the overall export of jute from India.
What are the Government Initiatives for the Jute Exporters of India?
The National Jute Board has introduced some programs and initiatives to make the jute export process and modernize the method of manufacturing jute in India. These initiatives promote the jute sector in India. Improved Cultivations and Retting Exercises (ICARE), Jute Diversifications Scheme, Jute Resource-cum Production Centre (JRCPC), and Jute Retail Outlet Scheme for Exposure to Products and Artisans are some of the programs intended to boost production.
Increased sales and exports of jute goods from India are the goals of market development and promotion, domestic market promotion activities (DMPA), and other publicity and promotion initiatives and these government schemes also increase the sales of jute in India as well.
Here is a list of some government schemes to promote jute export from India to other nations:
- Export Market Promotion Activities (EMPA) Scheme: The government of India carries out several number of activities under the Export Market Promotion Activities scheme to increase the jute export of India. The activities of this scheme include business delegations, road shows, international conferences, seminars, and fairs at the international level in India and across the world as well.
- Market Development & Promotion Scheme (MDPS): MDPS scheme is also a very important scheme for the export of jute from India to the jute importers. Market Development & Promotion scheme targets the development, promotion, and expansion of the jute market in the world and in India as well. MDPS scheme creates a specific platform for selling, marketing, and promoting platforms/avenues to Jute Artisans, entrepreneurs, women self-help groups, Jute MSMEs, Jute exporters, and Jute millers.
- Capital Subsidy for Acquisition of Plants and Machinery (CSAPM) Scheme: The National Jute Board (NJB) is a supreme authority for the Jute market which comes under the Ministry of Textiles of the Government of India. National Jute Board has launched the scheme of capital Subsidy for the acquisition of Plants and Machinery and NJB is a responsible body for this scheme. The significant goal of the CSAPM scheme if to provide benefits to the jute exporters of India. This scheme provides financial support for the manufacturing of different types of jute products. During the time of the 15th Finance Commission, this Program was launched under the National Jute Development Program (NJDP) umbrella plan of NJB (2021-26).
Export of Jute From India?
As we have already discussed that the demand for jute products is increasing across the world and over a period of time, jute and jute products from India have seen an amazing increase in exports. As per the data of NJB (National Jute Board), the overall amount of jute product exports increased at a CAGR of 9% between 2015–16 and 2020–21. India exported jute and floor coverings with a combined total of nearly US$ 49 million in both March and February 2022 and this is a huge amount of export according to the Indian market. There are other various jute items, such as hand and shopping bags, gifts, ornamental fabrics, etc., that are exported from India to other nations. Jute diversified products (JDP) have the highest share in the total shipped jute products and will export for an estimated US$ 163 million in 2020–21.
According to statistics of the Indian Jute Mills Association (IJMA), exports of sacking and hessian are increasing if compare to the previous year, when they were valued at Rs. 428.98 crores (US$ 56 million) and Rs. 267.11 crores (US$ 35 million), respectively, to Rs. 502.62 crores (US$ 65 million) and Rs. 363.45 crores (US$ 47 million) in 2021–22. There are some other important jute products exported from India such as yarn exports recorded an increase of 23.1% from last year and were valued at Rs. 416.70 crores (US$ 54 million). The value of raw jute exports increased drastically recently with the value of Rs. 177.43 crores (US$ 23 million) to Rs. 449.40 crores (US$ 58 million).
What Are The Licenses Required to Export Jute From India
If any exporter is willing to export jute from India to anywhere in the world, Then Exporter would require some permissions and a license from the government of India.
- Import Export Code (IEC) from Directorate General of Foreign Trade (DGFT) - Import and Export play a very important role in the export of jute products in India. Jute exporter’s business need to Export jute for their businesses and for that IEC (Import–Export Code) is one of the major documents required for the smooth export of jute from India. Import –Export Code certificate provides a business identification number that allows a jute exporter to export jute from India to across the world. Nobody can export jute from India without an IEC code (unless specific exemption).
- Registration-cum-Membership Certificate (RCMC) from Export Promotion Council(s) – A Registration-Cum-Membership Certificate (RCMC) is a document that provides verification to the exporter who deals in goods that have been registered under the authorized body of the Indian government. Every exporter must be aware of the aspects of his business while applying for RCMC certification. The exporter has to receive an RCMC certificate from the Council responsible for the goods in his primary line of activity. The exporter could also obtain RCMC from the Federation of Indian Exporters Organization in cases when multiple products have not yet been resolved (FIEO).
In this article, we talked about the complete process of jute export of India and we have shared the complete methodology for the jute export from India across the world. This article talks about the government schemes which provide benefits to the jute exporters of India. We talked about the guidelines and methods of jute export and how an exporter can avail the benefits of jute export from India. We have shared the complete data of jute export in India. If you want any help regarding your jute export business or Tax benefits of the government schemes then you can visit our website Corpseed. We shall be glad to help you. Thank you for reading this blog, goodbye.
This portion of the site is for informational purposes only. The content is not legal advice. The statements and opinions are the expression of author, not corpseed, and have not been evaluated by corpseed for accuracy, completeness, or changes in the law.
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