Home / Knowledge / News / Textiles / “Removal of benefits to hit exports”
“Removal of benefits to hit exports”
17
Jun '15
The cotton textiles export promotion council (TEXPROCIL) has said that the removal of benefits on exports to African countries in the new foreign trade policy will affect shipments of value added products like cotton dyed and printed fabrics, according to media reports.

"The new Foreign Trade Policy 2015-20 has removed all benefits on exports to African countries. This has had a serious impact on exports of value added products like cotton dyed and printed fabrics and made-ups to African countries," TEXPROCIL chairman R K Dalmia said in a statement in Mumbai.

"We urge the government to include exports of value added products to African countries in the new Foreign Trade Policy 2015-20," Dalmia added.

The newly introduced MEIS (Merchandise Exports from India Scheme) has allowed a duty credit scrips of 2 per cent, 3 per cent and 5 per cent to exports of notified products to certain specified countries, he said.

However, Dalmia said, the scheme does not include exports of value added and labour intensive products like cotton dyed and printed fabrics and made-ups to different African countries like Mauritania, Mali, Dar Es Salaam, Burkina Faso, Guinea Bissaou, Niger, Benin, Angola, Senegal, Togo, Ghana, Kenya and Tanzania, which is a major blow to the exporters to the African region.

Earlier, in the Foreign Trade Policy 2009-14, exports of cotton fabrics and made ups to many African countries were granted duty credit scrips at 4 per cent of the Free On Board (FOB) value of exports in general and in some cases 7 per cent.

The withdrawal of these benefits on exports of cotton fabrics and made ups to African countries has put the exporters into a huge dilemma, he added.

Dalmia said the share of textiles exports to African region is less than 5 per cent and there is huge potential to increase this share if adequate export benefits are extended. (SH)

Fibre2fashion News Desk – India

Must ReadView All

Apparel/Garments | On 27th Mar 2017

Fynd raises $500K Series A funding from Venture Catalysts

Fynd, an online to offline (O2O) e-commerce fashion marketplace, has...

Apparel/Garments | On 27th Mar 2017

Digital technology to accelerate Indian business growth

Indian business will benefit much by going digital, according to a...

Textiles | On 27th Mar 2017

Raymond to buy 98,000 metres khadi fabric from KVIC

Raymond, leading Indian fashion retailer, has ordered 98,000 metres...

Interviews View All

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Johan Berlin
InvestKonsult Sweden AB

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

Sonam & Paras Modi
SVA

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search