Home / Knowledge / News / Apparel/Garments / Indian govt announces special scheme to boost apparel exports
Indian govt announces special scheme to boost apparel exports
13
Oct '11
The Government of India has announced a new Special Focus Market Scheme (SFMS) to keep the growth momentum in the foreign trade and to boost apparel exports.

Releasing the annual supplement to the Foreign Trade Policy 2009-14, Commerce and Industry Minister Anand Sharma said the Government would provide four percent duty credit to exporters under the new SFMS.

The objective of SFMS is to increase the competitiveness of Indian exports to 41 countries, including 12 from Latin America, 22 from Africa and seven from CIS countries. Shipments to these countries will also be eligible for additional 1 percent duty credit besides 3 percent already being given, taking the total duty credit available to 4 percent.

For the apparel sector, SFMS includes all the items covered under chapters 61 and 62 of the US Harmonized Tariff Schedule (Articles of apparel and clothing accessories, knitted or crocheted). The duty credit would be available to exports made during April 01, 2011 to March 31, 2012 at 2 percent of FOB value of exports.

Many textile and handicraft items have been included in the expanded Focus Product Scheme (FPS) of 130 products. Textile items like polyester textured yarn, fully drawn yarn of polyester, viscose rayon type yarn, polyester chips, woven cotton fabrics denim 85 percent cotton over 200G/M2, unbleached or bleached cotton fabrics, dyed cotton fabrics knitted or crocheted have been included under the scheme. The items covered under FPS are entitled to get duty credit scrip at 2 percent of FOB value of exports.

The Minister also announced 'Niryat Bandhu', a novel scheme for International Business Mentoring of first generation entrepreneurs. The officer called Niryat Bandhu would function in the 'Mentoring' arena and would be a 'Handholding' experiment for the Young Turks in International Business enterprises. Under the scheme, officers of DGFT will be investing time and knowledge primarily to mentor the interested individuals who want to conduct the business in a legal way. Over time, it is aimed at developing a class of businessmen who carry out the international business in an ethical manner.

These schemes are in addition to the 2 percent interest subvention on rupee credit to exporters of handlooms, handicrafts and carpets, already announced by the RBI on October 11. It is expected to cost the exchequer around Rs. 8-9 billion.

These benefits together are likely to help the exporters bear the slump in major traditional markets like the US and Europe and will cost the exchequer Rs. 17 billion.

Mr. Anand Sharma also said that the Indian Government will soon sign a broad trade and investment pact with the European Union. He revealed that the Government is negotiating similar pacts with several countries across different continents to boost trade.

India's exports have risen by 52.1 percent to US$160 billion in the first six months of the current fiscal and the Central Government hopes to achieve the target of US$ 300 billion for the current fiscal.

Fibre2fashion News Desk - India


Must ReadView All

SIMA makes pre-budget recommendations to Indian govt

Textiles | On 22nd Jan 2018

SIMA makes pre-budget recommendations to Indian govt

Exemption of 5 per cent goods and services tax (GST) on raw cotton,...

Building of Ethiopian textile unit by Chinese firm starts

Textiles | On 22nd Jan 2018

Building of Ethiopian textile unit by Chinese firm starts

Chinese firm Wuxi No. 1 Cotton Mill will build a textile plant in...

Indian minister urges apparel industry for dumping data

Textiles | On 22nd Jan 2018

Indian minister urges apparel industry for dumping data

Indian textiles minister Smriti Irani recently urged the apparel...

Interviews View All

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search