Home / Knowledge / News / Textiles / Indian textile makers welcome Annual Supplement to FTP
Indian textile makers welcome Annual Supplement to FTP
19
Apr '13
The textile manufacturers of India have welcomed the Annual Supplement to Foreign Trade Policy (FTP) 2013-14 announced by the Union Minister of Commerce, Industry and Textiles Anand Sharma.
 
In the Annual Supplement to FTP, the Minister announced extension of zero duty Export Promotion Capital Goods (EPCG) scheme beyond March 31, 2013. Further, 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.
 
Secondly, the Government has announced that the benefit of 2 percent interest subvention scheme could be available upto March 31, 2014 for certain specific sectors like Handicrafts, Handlooms, Carpets and Readymade Garments.
 
The Government has also widened the scheme to include items covered under Chapter 63 of ITC (HS), which includes made up textile articles, for the period from May 1, 2013 to March 31, 2014.
 
Speaking to fibre2fashion, secretary general of Confederation of Indian Textile Industry (CITI), Mr. DK Nair said, “The Annual Supplement is very positive in overall terms for the textile industry. Extending the zero duty EPCG scheme to TUFS beneficiaries is a long standing and important demand of the textile sector that has now been accepted.”
 
“Inclusion of made ups for interest subvention on export credit and extending the subvention by a year will be of immense help to the textile industry,” he continues.
 
According to him, the expansion of Focus Schemes has taken into account the interests of the textiles sector significantly. “The procedural simplifications and the continued focus on transaction costs would also be helpful to this highly export oriented industry,” he adds.
 
Echoing him, Mr. S Dinakaran, chairman of the South India Mills Association (SIMA), said in a release, “We welcome the reinstatement of TUF benefit for the Zero Duty EPCG Scheme beneficiaries.”
 
“The extension of 2 percent interest subvention credit up to March 31, 2014 and inclusion of made-ups for the benefit would greatly help the Indian textiles and clothing industry to remain competitive in the global market,” he mentions. 
 
Mr. Ashok Jaidka, chairman of Wool & Woolens Export Promotion Council (WWEPC), says, “The Government has announced the right policy at the time of global recession to boost exports.”
 
“The extension of 2 percent interest subvention credit up to one year and inclusion of made-ups is a long-standing demand by the garment exports which has been accepted now,” says Mr. Lalit Goel, general secretary and vice-president of Panipat Exporters Association. 
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 30th Jul 2016

NRI’s TCG picks up majority stake in MCC’s Haldia plant

The Chatterjee Group (TCG) owned by NRI entrepreneur Purnendu...

Textiles | On 30th Jul 2016

African countries woo investors in Coimbatore

Diplomats of seven African countries have invited Coimbatore’s...

Textiles | On 30th Jul 2016

Pakistan woos Chinese textile sector

Impressed by the smooth conduct of business in China’s economic...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Marcel Alberts
Eurofibers

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

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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
June 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search