Home / Knowledge / News / Textiles / Indian govt extends EPCG scheme to boost exports
Indian govt extends EPCG scheme to boost exports
18
Apr '13
Mr. Anand Sharma
Mr. Anand Sharma
The Government of India has announced a list of measures, including the extension of the Export Promotion Capital Goods (EPCG) scheme beyond March 31, 2013, to boost its declining exports.
 
In fiscal year 2012-13, India’s total exports declined by 1.76 percent year-on-year to US$ 300.6 billion, which increased the country’s trade deficit to US$ 190.91 billion.
 
Announcing the initiatives as part of the annual supplement to the Foreign Trade Policy (FTP), Commerce and Industry Minister Anand Sharma said the Government has decided to not only extend the EPCG scheme beyond March 2013, but also merge it with 3% EPCG scheme.
 
The EPCG scheme, which allows exporters to import capital goods (goods that are required in the production of a finished product, but do not form a part of the finished product, e.g. machinery) at zero-duty, would now be available to all sectors, the Minister said.
 
The exporters who have availed benefits under Technology Upgradation Fund Scheme (TUFS) administered by Ministry of Textiles, can also avail the benefit of Zero duty EPCG Scheme.
 
Further, to promote domestic manufacturing of capital goods, the quantum of specific Export Obligation (EO) in the case of domestic sourcing of capital goods under EPCG authorizations has been reduced by 10 percent.
 
Moreover, Norway and Venezuela have been respectively added under Focus Market Scheme (FMS) and Special FMS, taking the total number of countries under FMS and Special FMS to 125 and 50, respectively.
 
Approximately, 126 new products have been added under Focus Product Scheme (FPS), which include items from the textiles sector.
 
The Minister also announced sops for Special Economic Zones (SEZs) to boost shipments. Under the SEZ scheme, the minimum land area required for setting up a SEZ has been reduced to half.
 
In addition, the Government has also decided to allow transfer of ownership and sale of SEZ units.
 
Click here to read Highlights of Annual Supplement (2013-14) to the Foreign Trade Policy 2009-14.

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 20th Jul 2017

Provide safety net for cotton growers: Congress to Trump

A bipartisan Congressional coalition has called attention of...

Courtesy: ITMF

Textiles | On 20th Jul 2017

ITMF'17 themed on tech, trade, climate in disruptive times

The International Textile Manufacturers Federation (ITMF), an...

Textiles | On 20th Jul 2017

RIL’s Q1 FY18 petrochemicals revenue up 22.9% y-o-y

Reliance Industries Limited (RIL) has reported its financial...

Interviews View All

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


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



X