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Remove clause in FTP on capital goods imports - CITI
Sep '09
In a report presented to the Ministry of Commerce, Confederation of Indian Textile Industry (CITI) has requested it not to exclude exporting textile units which had availed funds under the Technology Up-gradation Fund scheme (TUFs) from taking benefit of importing capital goods at zero duty rates.

In the Foreign Trade Policy (FTP) announced by the Commerce Ministry, it had permitted exporters from a few identified, including textiles, to import capital goods under the EPCG scheme at zero rate of duty, but barred those who had availed funds under the TUF scheme.

The report put forth the argument that many of the small and medium size textile units, which had taken advantage of the TUF scheme and are facing the brunt of the economic crisis, would not be able to take advantage if they wished to import capital goods, to modernise their plants.

Mr RK Dalmia, speaking on behalf of the textile sector said most of the textile and clothing exporting companies have taken benefit of the TUF scheme and this clause in the FTP, barred most of the players, from the sector, from taking advantage, so he pleaded for the removal of the clause.

Fibre2fashion News Desk - India

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