Home / Knowledge / News / Textiles / New FTP to arrest declining trend of handicraft exports
New FTP to arrest declining trend of handicraft exports
01
Sep '09
Union Ministry of Commerce and Industry is going to establish two towns of Export Excellence at Srinagar and Islamabad in J&K, under its new Foreign Trade Policy (FTP) for the year 2009-2014. The global slowdown has resulted in a steep plunge of handicraft exports.

This is the first time, that the handicraft sector has received attention and due recognition in the FTP by including all handicrafts items as 'Special Focused Products' and making them entitled to 5 per cent duty credit scrips. The special focused products shall be granted duty scrips equivalent to 5 per cent of F.O.B. value of exports for shipments made from 27 August, 2009 onwards.

There are a number of government's initiatives in this new FTP to curtail the declining trend of country's handicraft exports, stated Mr. Raj Kumar Malhotra, the Chairman of Export Promotion Council of Handicrafts (EPCH). This scheme will assist handicraft sector to stand competitively in the international market.

All the handicraft products had not been covered in the earlier scheme of Vishesh Krishi and Gram Udyog Yojana (VKGUY), but the 'Special Focused Products' Scheme is much wider and covers all the handicraft items. In order to promote the handicrafts from these regions, a short term plan has also been framed out by the EPCH.

The handicraft sector has also been included for higher allocation in the Market Development Assistance (MDA) and Market Access Scheme (MAI), provided by the Ministry of Commerce.

A few programs have also been prepared by the council to market the products of handicraft sector in focused as well as general markets. Many programs of Reverse Buyers-Seller Meets (RBSM) will also be conducted under this program. This scheme is expected to benefit the exporters.

EPCH's recommendation to reduce the customs duty on Export Promotion Capital Goods Scheme (EPCG) from 3 percent to 0 percent in this FTP has been accepted. The export obligation shall be six times of the custom duty and same is to be fulfilled in six years.

Fibre2fashion News Desk - India


Must ReadView All

US merchandise trade with India, 2012–16; Courtesy: USITC

Textiles | On 27th Jul 2017

India becomes US’ 9th largest trading partner in 2016

In 2016, India became the United States’ 9th-largest single-country...

Textiles | On 27th Jul 2017

GST will lead to further increase of MMF prices

The Goods & Services Tax (GST) rolled out on July 1, 2017 is not...

Textiles | On 27th Jul 2017

Global yarn production improved 30% q-o-q in Q1: ITMF

In the first quarter of 2017, global yarn production rose by almost...

Interviews View All

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Johan Berlin
InvestKonsult Sweden AB

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

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

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

July 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

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

Yes No

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

Yes No

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


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



X