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Promotion to textile industry
02
Jul '09
As per the latest available provisional data of Directorate General of Commercial Intelligence & Statistics, Kolkata, India's textiles and clothing export has indicated a growth of over 7% in Indian rupee terms during April-February' 2008-09 over the corresponding period of previous year. However, in US dollar terms, it recorded a decline of 5.31%.

This was stated by the Minister of State for Textiles, Smt. Panabaaka Lakshmi in the Lok Sabha, in a written reply to a question by Shri Anandrao Adsul and Shri Adhalrao Patil Shivaji.

The Government has already introduced several packages of relief measures in the wake of the global economic slowdown, to provide relief to the domestic industry including textiles industry. These measures inter-alia include:-
i) Additional allocation of Rs.1400 crore to clear the entire backlog of Technology Upgradation Fund Scheme (TUFS).

ii) All items of handicrafts to be included under 'Vishesh Krishi & Gram Udyog Yojana (VK&GUY)'.

iii) Across-the-board cut of 4% in the ad-valorem Cenvat rate till 31.3.2009.

iv) Interest subvention of 2% upto 31.3.2009 subject to a minimum of 7% per annum on pre and post-shipment export credit (since extended to 20.9.09 in the Union Budget 2009-10).

v) Provision of additional funds for full refund of Terminal Excise Duty/Central Sales Tax.

vi) Enhanced back-up guarantee to ECGC to cover for exports to difficult markets/products.

vii) Refund of Service Tax on foreign agent commissions of upto 10% of FOB value of exports as well as refund of service tax on output service while availing benefits under Duty Drawback Scheme.

viii) Credit targets of Public Sector Banks revised upward to reflect the needs of the economy.

ix) State Level Bankers Committee would hold meetings for resolution of Credit issues of MSMEs.

x) Guarantee cover under Credit Guarantee Scheme doubled to Rs.1 crore with cover of 50%.

xi) DEPB rates restored to pre - November, 2008 levels and extended till 31.12.2009.

xii) Duty Drawback on knitted fabrics enhanced retrospectively from 1.9.2008.

Press Information Bureau


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