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GEA President welcomes First Annual Supplement to FTP
06
Sep '10
Mr Rakesh Vaid, President, Garments Exporters Association (GEA) has welcomed the First Annual Supplement to the Foreign Trade Policy, 2009 – 2014, announced by the Hon'ble Minister of Commerce & Industry, Shri Anand Sharma, providing fresh stimulus worth Rs.1050 Crores to Labour intensives export sectors.

The policy has responded to some of the demands of exporters by continuing some incentives and scheme to help them to overcome the present crisis being faced by them because of global economic slowdown and uncertain international market conditions.

While appreciating the extension of Market Linked Focus Product Scheme (MLFPS) incentive given at 2% of the FOB Value of exports to the readymade garment sector for exports made to EU for another six months up to 31.03.2011, Mr Vaid felt that the 2% incentive given under MLFPS scheme should also be made available for exports made to USA, as the USA market has not fully recovered. Mr Vaid also recommended that the readymade garments should be included in the labour-intensive sectors eligible for a bonus incentive of 2% benefit.

However, the extension of zero-duty Export Promotion Capital Goods Scheme till March 2012 is a welcome step which will help us in expanding capacities by modernization and quality upgradation, said Mr Vaid. Mr.Vaid has also welcomed, the extension of Duty Entitlement Pass Book Scheme(DEPB) and the interest subvention of 2% and the measures to cut-down the transition cost for exporters.

He also welcomed the announcement on procedural simplification in filing EPCG application on annual basis, without the need to file the application for individual capital goods from time to time.

GEA has also requested the Government to ban the export of cotton yarn so as to ensure adequate supply of cotton yarn and fabric at reasonable prices to garments exporters. GEA also requested the Government to make efforts to ensure financial stability in the external sector along with the much emphasized need for price stability in the domestic sector.

Garments Exporters Association (GEA)

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