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Govt may withdraw duty drawback relief on raw cotton exports
20 Jun '09
1 min read
Since the imposition of the five percent duty drawback scheme on exports of raw cotton the textile industry has been up in arms against the decision of the government by alleging that it has favoured only traders and middle men and no one else.
The government on its part is also seriously considering withdrawing the duty draw back which was announced in February and brought into effect from April 1 onwards and is supposed to expire on June 30, 2009.
The textile sector also alleges that this relief which was supposed to provide a boost to exports of raw cotton has actually not helped since exports of cotton in the current season are expected to be between 4-5 million bales against 8.5 million bales in the previous season.
The incentive was provided under the Vishesh Krishi and Gram Udyog Yojana (VKGUY) which also includes a lot of other farm products like fruits, vegetables, flowers cardamom, soyameal, cardamom, herb extracts, etc.
The government on its part is also seriously considering withdrawing the duty draw back which was announced in February and brought into effect from April 1 onwards and is supposed to expire on June 30, 2009.
The textile sector also alleges that this relief which was supposed to provide a boost to exports of raw cotton has actually not helped since exports of cotton in the current season are expected to be between 4-5 million bales against 8.5 million bales in the previous season.
The incentive was provided under the Vishesh Krishi and Gram Udyog Yojana (VKGUY) which also includes a lot of other farm products like fruits, vegetables, flowers cardamom, soyameal, cardamom, herb extracts, etc.
Fibre2fashion News Desk - India
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