On 20th January 2023, the Ministry of Commerce and Industry issued a Press Release in regard to the relaxation of the Export Promotion Capital Goods (EPCG) Scheme for the sectors affected by the Covid-19 Pandemic.
The Indian Government announced a one-time relaxation from the maintenance of average export obligation and an option for the extension of the export obligation period for specific sectors under the EPCG Scheme. The sectors which are eligible for the relief are Hotel, Healthcare, and Educational Sectors for the years 2020-21 and 2021-22. These sectors are not required to maintain an average export obligation for EPCG authorisation issued to them.