Home / Knowledge / News / Textiles / FIEO President welcomes new duty drawback plan
FIEO President welcomes new duty drawback plan
Sep '11
Welcoming the announcement providing smooth transition from DEPB to Duty Drawback, Mr Ramu S Deora, President, FIEO thanked both the Finance Minister and the Commerce, Industry & Textile Minister for comprehensive announcements.

Mr Deora said that expansion of Duty Drawback Scheme from 2835 items to approximately 4000 items, adding 1100 from the DEPB schedule, will make Duty Drawback all encompassing without leaving any product from the existing DEPB Rates. FIEO President said that since reduction would be only to the extent of the stimulus component, added to the DEPB rates in October 2008, the new rates will be by and large acceptable to the industry.

He complimented Mr Pranab Mukherjee for giving exemption to 340 items from the capping of 5.5% as pre-October 2008 rates for these products were over 5.5%. In respect of the products covered both under DEPB and Drawback Scheme, there alignment with the DEPB Scheme will ensure a better rate for such products as well, added FIEO Chief. Responding to a query, Mr Deora said that even if the new drawback rates are little less, the saving on account of transaction time and cost will offset the disadvantage as Duty Drawback benefit will directly be credited to exporters' bank account while DEPB involves paper work and the same is subject to VAT as well on its sale/purchase.

The dispensation given to marine and passenger vehicles will ensure their export competitiveness as while the marine sector is highly employment intensive, auto sector is highly value added segment where India is carving out a place for itself, said FIEO Chief.

As regards the reduction in Duty Drawback Scheme, Mr Deora said that the same is largely on account of reduction in customs/excise duty on fuel and since the reduction has been capped at 10%, except for silk fabric, silk garments and silk carpets, the reduced rates will not have much adverse effect.

President, FIEO said that we are awaiting for detailed notification for comprehensive analysis but exporters are by and large happy with the announcement.He also appealed to exporters to continue with their good work in promoting exports as he is confident that they will be financially better-off under new scheme.

Federation of Indian Export Organisations

Must ReadView All

L-R Manish Singhai, COO, Peter England; Vinai Kumar Saxena, chairman, KVIC; Ashish Dikshit, business head, ABFRL and Anshu Sinha, CEO, KVIC while signing agreement. Courtesy: ABFRL

Textiles | On 24th May 2017

Aditya Birla & KVIC enter into a strategic partnership

Aditya Birla Fashion and Retail Ltd (ABFRL) and Khadi and Village...

Courtesy: Jabong

Apparel/Garments | On 24th May 2017

Jabong Mood Store redefines online shopping in India

Jabong, India's leading online fashion retailer, has launched the...

Textiles | On 24th May 2017

Starlinger unveils FX 8.0 circular loom for fabric making

Starlinger, a leading supplier of machinery for woven plastic...

Interviews View All

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Smita Murarka

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Tony Ward
Tony Ward

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

Pranav Mishra

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
May 2017

May 2017

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


Browse Our Archives


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