“The estimated annual incentives will be Rs 1,143.15 crore for 2017-18 and Rs 685.89 crore for 2018-19,” the Directorate General of Foreign Trade (DGFT) said in its Public Notice no. 42 for 2017-18.
“This measure will incentivise the exports of labour intensive sectors of readymade garments and made ups and contribute to employment generation,” the DGFT notification said.
“The announcement of MEIS increase is a relief to the ailing knitwear garment export sector,” said Tirupur Exporters’ Association (TEA) president Raja M Shanmugham in a press release.
Under MEIS, exporters are given duty exemption scrips that are pegged at a certain percentage of total value of their exports. These scrips can be used by exporters to pay duties on inputs including customs duties.
India’s apparel exports fell by 40.75 per cent in October 2017 to Rs 5,398.08 crore compared to exports of Rs 9,110.75 crore in same month of the previous year. This includes garments of all textiles, according to the quick estimates of India’s foreign trade during the month, released by the ministry of commerce and industry. (RKS)
Fibre2Fashion News Desk – India
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