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

Apparel/Garments | On 23rd Sep 2017

AAFA urges negotiators to preserve TPLs in NAFTA

The American Apparel & Footwear Association (AAFA), an alliance of...

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Textiles | On 23rd Sep 2017

PKR 690.65-mn budget for Pakistan Cotton Committee

The Pakistan Central Cotton Committee (PCCC) recently approved a PKR...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Johan Berlin
InvestKonsult Sweden AB

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

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Yash P. Kotak
Bombay Hemp Company

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

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

September 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

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

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

Yes No

Active Poll

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

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

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

Yes No

Active Poll

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

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

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

Active Poll

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

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


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