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Textile, handicraft sectors to receive incentives
04
Aug '10
Government is likely to declare additional financial incentives to the labour-oriented textile and handicraft export sectors, which are as yet struggling to recover, during the yearly review of foreign trade policy scheduled to take place on August 10.

Within the coming two or three days, the incentives package will be decided upon and industry experts are sure that for sectors like textile and handicrafts, some policy will be made, so as to help them get through for two years.

More over, it is heard that, in the next month, incentives for labour-oriented sectors are likely to be announced in the foreign trade policy review. However, as against the previous years, the review policy this time will be announced in the Parliament. The policy review scheduled for August 10, is a part of the Foreign Trade Policy for 2009-14, which was declared in August 2009.

Almost regular consultations are being carried out by officials of the Ministry of Commerce with business chambers and exporters organisations such as CII, FICCI and FIEO since 10-15 days.

Since November 2009, exports have started moving up, and segment such as gems and jewellery and chemicals have even witnessed positive growth, but several other sector such as textiles and handicrafts continue to struggle.

Officials from the Ministry said that, sectors which were struggling to recover, required government support as Europe, one of the long-established markets for the country, continued to remain a cause of worry. While the US market has started improving, there is still anxiety with respect to the European debt crisis, which is casting a shadow on Indian exports.

International economy fell in to major crisis from September-October 2008, hindering Indian exports, especially to the developed markets. While exports have recovered since November 2009, owing to revival of the international economy, they are still below the 2007-08 levels and the first half of 2008-09 fiscal.

Following a slump of 4.7 percent in 2009-10, the world's second-fastest growing economy is aiming at 15 percent export growth this fiscal.

Fibre2Fashion News Desk - India

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