Exports target for 2012-13 was initially fixed at USD 38.31 billion and since been revised to USD 40.50 billion following the Foreign Trade Policy Supplement of 5th June, 2012.
Government have introduced several provisions in the Foreign Trade Policy 2009-14, further supplemented in June, 2012, for providing incentives to the T&C sector exports. This includes incentives for exports to focus markets and exports of focus products, interest subvention on pre-shipment credit, duty-free import of trimmings etc. required by the garmenting industry and duty-free import of tools by the handicrafts industry.
This apart, financial assistance is being provided to the exporters under the Market Development Assistance Scheme and the Market Access Initiative Scheme, for enhancing market share in existing markets and for exploring new markets.
There is no report of job loss in the industry due to recent recession in India. Revival of the textiles industry and exports is being pursued by the Government through various Plan Schemes viz. Technology Upgradation Fund Scheme, Integrated Skill Development Scheme, Integrated Scheme for Powerloom Sector Development, Knitwear Technology Mission as well as Schemes for Development of Handloom Clusters and Handicraft Clusters.
The various measures in the Foreign Trade Policy 2009-14 and its Supplement of 5th June 2012 isinteded to enhance India’s competitiveness in the global market. Some of the provisions of the Foreign Trade Policy are as follows:-
The 2% Interest Subvention in packing credit has been announced for Readymade Garment sector in the policy for one year from 1st April 2012 to 31st March 2013.
The Market Linked Focus Product Scheme (MLFPS) has been now extended for exports to USA and EU in respect of readymade garments till 31st March 2013 and inclusion of seven new markets additionally each under Focus Market Scheme (FMS) and Special Focus Market scheme.
Zero Duty EPCG Scheme has been extended up to 31st March 2013.
Click here to read more:
Ministry of Textiles
Textiles | On 21st Feb 2017
Net profit at Thailand headquartered and Aloke Lohia led Indorama...
Information Technology | On 21st Feb 2017
ThreadSol, the pioneer of enterprise material management for sewn...
Textiles | On 21st Feb 2017
The Goods and Services Tax (GST) is likely to result in a reduction...
Sanjay Desai & Ashish Mulani
Digital textile printing will be the technology of the future
Navigating through catalogues is a bit hasslesome
‘One of the recent trends in hand block printing is the indigo process,...
Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...
InvestKonsult Sweden AB
Investkonsult Sweden AB has been buying and selling second-hand textile...
Schlegel und Partner
Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...
"Now we can see the Russian trend in international fashion. And Russian...
Bridal couture created with rich Indian heritage, exquisite craftsmanship...
Hyderabad-based designer Prathyusha Garimella is known for blending...
Textiles | On 20th Feb 2017