Home / Knowledge / News / Apparel/Garments / Indian garment exporters demand 5% Duty Credit Scrip
Indian garment exporters demand 5% Duty Credit Scrip
30
Aug '13
Shri Anand Sharma, the Union Minister for Commerce & Industry Chaired the Board of Trade meeting held on 27th August 2013 to listen and gather the concerns of the Industry captains and devise measure to boost exports thereof.

Chairman AEPC in his statement released to the press stated that, “The garment industry could achieve US $ 12.92 bn exports in 2012-13 & modest 13% growth in April – July, 2013 due to Policy Support given by Government.

Support like duty credit scrip at the rate of 5 %, increasing the support under MAI, implementing the gold card scheme, separate chapter for getting export credit for the banking sector at fixed rate of 7.4% and Market Linked Focus Product scheme may be increased to from 2% to 3% and newer countries to be added and currency swap to explore the possibility of using local currency for trade with major trading partners. As well as, changes in service tax, income tax and labour laws as per the industry need are the thrust area which has potential of boosting apparel trade, if met.”

Shri H K L Magu, Senior Vice Chairman, Apparel Export Promotion Council (AEPC) made the detailed submission and highlighted the issues and concerns of the apparel sector. Shri Magu at the onset thanked Minister for enhancing the interest subvention from 2% to 3% in Readymade Garment Sector. He then gave the details of the apparel export scenario and highlighted the benefits that are announced by Government for the benefits of apparel exporters.

On behalf of the garment Industry Shri Magu laid before Shri Sharma the demands and concerns of apparel exporters during the BOT meeting.

-Enlargement of the garment export basket by manufacturing garments (Knitted and woven) from fabrics which are not widely available in India – Issuance of duty credit scrip (offsetting custom duties) on import of specialty fabrics at the rate of 5% for the export performance in the year 2012-13 and in the entire 12th five year plan.

-Higher and assured three years direct financing to Apparel Export Promotion Council under market access scheme (Under chapter 3 of the foreign trade policy 2009-14 (Promotional measures in department of commerce).

-Higher and assured three years direct financing to Apparel Export Promotion Council under market access scheme (Under chapter 3 of the foreign trade policy 2009-14 (Promotional measures in department of commerce).

Gold Card Scheme

Dependency on using captive DG sets, by the garment exporters is increasing day by day due to the shortage of electrical power provided by the electricity boards, which increase the cost of production substantially.  The diesel for using in the Gen sets should be provided to the garment exporters at international prices.

- Issues which need recommendations to Ministry of Finance

Separate chapter for getting export credit (Rupee Pre-shipment / Post Shipment) at fixed 7.5%, as done in the past.


Must ReadView All

Textiles | On 24th Jul 2017

Govt extends deadline for GST composition scheme to Aug 16

The Government on India has extended the deadline for small...

L-R: Dhanapal, JMD, Best Corporation; Prabhu Damodaran, Convenor, ITF; Narayanasamy, MD, Micro Cotspin; Senthilnathan, MD Rasitex India; and Sabapathy, MD, Prasanna Spinning Mills

Textiles | On 24th Jul 2017

TN mills seek partnership with cotton growing states

Spinning mills in Tamil Nadu are seeking stronger partnership with...

Textiles | On 24th Jul 2017

Irani terms GST as a ‘great step towards transparency’

Union textiles minister Smriti Irani has termed the Goods and...

Interviews View All

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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

July 2017

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

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

Yes No

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

Yes No

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


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



X