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Indian Ministry wants cotton export benefits restored
16
Oct '13
The Indian Textiles Ministry has sought restoration of incentives for cotton and cotton yarn exports and would be writing to the Ministry of Commerce and Finance to withdraw the decision to remove export benefits under the Focused Markets Scheme (FMS) for cotton and cotton yarn, Textiles Minister K Sambasiva Rao said at the 5th edition of FICCI-TAG 2013 summit in Mumbai.
 
Mr. Rao said the Textiles Ministry would be writing to the Ministry of Commerce over issue of the restoration of the incentives under the FMS.
 
The Ministry of Commerce recently withdrew the FMS for cotton and cotton yarn exporters, from Duty Credit Scrip under the FMS. 
 
Under the scheme, Latin America and Africa were also included in focused markets for cotton yarn shipments and the exporters enjoyed a slew of incentives. The withdrawal of the scheme would heavily impact cotton yarn exports.
 
The scheme was introduced to increase India’s competitiveness and allowed the duty credit of 2.5 percent of free-on-board value of exports that came under FMS.
 
At the summit, the Textiles Minister said the Indian textile industry should launch initiatives like setting up captive power plants, training facilities and research centers, with the help of the Central and State governments, in order to overcome the challenges faced by the sector.
 
The Minister also announced that textile clusters in Malegaon and Nagpur in the State of Maharashtra are amongst the six selected for an upgradation plan which is initiated as part of a pilot project under Technology Upgradation Fund Scheme (TUFS), in six states of the country. 
 
Besides Maharashtra, the pilot project under TUFS would be also be launched at textile clusters in Bhagalpur in Bihar, Burhanpur in Madhya Pradesh, Sircilla in Andhra Pradesh and Tanda in Uttar Pradesh, he added.
 

Fibre2fashion News Desk - India


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