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

SIMA makes pre-budget recommendations to Indian govt

Textiles | On 22nd Jan 2018

SIMA makes pre-budget recommendations to Indian govt

Exemption of 5 per cent goods and services tax (GST) on raw cotton,...

Building of Ethiopian textile unit by Chinese firm starts

Textiles | On 22nd Jan 2018

Building of Ethiopian textile unit by Chinese firm starts

Chinese firm Wuxi No. 1 Cotton Mill will build a textile plant in...

Indian minister urges apparel industry for dumping data

Textiles | On 22nd Jan 2018

Indian minister urges apparel industry for dumping data

Indian textiles minister Smriti Irani recently urged the apparel...

Interviews View All

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Top executives
Textile industry

The foremost issue is bridging the skill gap

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

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

January 2018

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

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

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

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

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

Yes No

Active Poll

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

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

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

Active Poll

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

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


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