Chairman AEPC, Mr. Virender Uppal, welcomed the move to extend the 2% duty credit scrip under the Market Linked Focus Product Scrip (MLFPS) for RMG sector (2% Duty credit scrip, HS 61 & 62) to EU and USA for exports from 01/04/2014 till further orders.
Chairman AEPC, Mr. Uppal in his statement remarked, “The incentive to RMG products which have the highest employment intensity and potential was the need of the hour. I am sure that this decision of the Government would surely go a long way to offset infrastructure inefficiencies and other associated costs involved in manufacturing and marketing of these products”. DGFT in its notification dated 27.02.14 amended the Chapter 3 of Foreign Trade Policy.
Chairman AEPC noted that, we are at the fag end of this fiscal year and Industry captains are sprinting fast to reach the most ambitious target set for AEPC this year. With the current growth of over 16.4% I am hopeful we will be cruising past 15 billion US $. It is noteworthy that Chapter 61 & 62 covers all the garment products and our exports to EU & USA covers almost 65% of our total garment exports.
Chairman AEPC also lauded the DGFT for expanding the list of products for textiles and leather under the above scheme. It is a well-timed move, which will have the far reaching benefits in terms of boosting the exports.
High input costs and slowdown in global markets were adding to the stress. I am sure the present initiative of DGFT would certainly help in easing the pressure to a considerable extent to our sector, Mr. Uppal added.