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Handicrafts sector gets due importance in Annual Supplment
27 Aug '10
3 min read
Hailing the changes announced by Union Commerce and Industry Minister Anand Sharma in the Annual Supplement 2010-11 to the Foreign Trade Policy 2009-14, Export Promotion Council for Handicrafts (EPCH) said that Handicraft sector has been given due importance in this Annual Supplement.
The Minister, in continuation to the Foreign Trade Policy that he announced in August, 2009, has kept the incentives in the Annual Supplement thereby not only continuing but also adding to the support to the labour intensive sector.
In his speech, Mr. Sharma reiterated that “the fundamentals of our economy were strong; our growth was pulled down to 6.7%. Our exports posted negative growth and labour intensive exports were worst affected.”
Mr. Raj Kumar Malhotra, Chairman, EPCH, hailed the 2% increase in Duty Credit Scrip for all Handicrafts items under Focus Product Scheme and also the other beneficial provisions for sector.
"The Incentives offered will provide fillip to the exports of Handicrafts and will surely result in double digit growth in the year 2010-11", Mr Malhotra added.
Mr. Rakesh Kumar, Executive Director, EPCH, welcomed the incentives and reiterated the commitment of the Council towards the growth and development of the Sector.
He said, "The benefits will further help the exporters in face the challenge posed by the global economic slowdown".
The incentives offered in 2009-14 has resulted in positive export growth in many sectors. However, there is still a lot to be done to maintain the growth in the future. He further said that there is still a shroud of uncertainty over the fragile nature of global economic recovery hence the need for additional benefits to the sectors.
The Handicrafts Sector has been given due importance in this Annual Supplement and the following benefits have been offered to the Sector:
All handicrafts exports at present entitled to 5% duty credit scrip on exports under Focus Product Scheme shall be entitled to additional benefit of 2% of bonus over and above the existing benefit of 5%. The benefit shall be available on exports with effect from April 01, 2010. All handicrafts means 67 items under Table 2 and 44 items under Table 5 of Appendix 37D of Hand Book of Procedure Vol -1 of 2009-14.
Barmer (Rajasthan) has been added in the list of Town of Export Excellence (TEE) under Appendix 7 of Hand Book of Procedure Vol-1.
The facility of Duty Free Import of tools under Duty Free Import Scrip (non functional at present due to non –issue of custom notification on the subject) shall be made operational.
Further, there has been extension in case of DEPB (till 30 June 2011), Zero duty EPCG scheme (till 31 March 2012) and status holder incentives scheme (till 31 March 2012).
The Minister, in continuation to the Foreign Trade Policy that he announced in August, 2009, has kept the incentives in the Annual Supplement thereby not only continuing but also adding to the support to the labour intensive sector.
In his speech, Mr. Sharma reiterated that “the fundamentals of our economy were strong; our growth was pulled down to 6.7%. Our exports posted negative growth and labour intensive exports were worst affected.”
Mr. Raj Kumar Malhotra, Chairman, EPCH, hailed the 2% increase in Duty Credit Scrip for all Handicrafts items under Focus Product Scheme and also the other beneficial provisions for sector.
"The Incentives offered will provide fillip to the exports of Handicrafts and will surely result in double digit growth in the year 2010-11", Mr Malhotra added.
Mr. Rakesh Kumar, Executive Director, EPCH, welcomed the incentives and reiterated the commitment of the Council towards the growth and development of the Sector.
He said, "The benefits will further help the exporters in face the challenge posed by the global economic slowdown".
The incentives offered in 2009-14 has resulted in positive export growth in many sectors. However, there is still a lot to be done to maintain the growth in the future. He further said that there is still a shroud of uncertainty over the fragile nature of global economic recovery hence the need for additional benefits to the sectors.
The Handicrafts Sector has been given due importance in this Annual Supplement and the following benefits have been offered to the Sector:
All handicrafts exports at present entitled to 5% duty credit scrip on exports under Focus Product Scheme shall be entitled to additional benefit of 2% of bonus over and above the existing benefit of 5%. The benefit shall be available on exports with effect from April 01, 2010. All handicrafts means 67 items under Table 2 and 44 items under Table 5 of Appendix 37D of Hand Book of Procedure Vol -1 of 2009-14.
Barmer (Rajasthan) has been added in the list of Town of Export Excellence (TEE) under Appendix 7 of Hand Book of Procedure Vol-1.
The facility of Duty Free Import of tools under Duty Free Import Scrip (non functional at present due to non –issue of custom notification on the subject) shall be made operational.
Further, there has been extension in case of DEPB (till 30 June 2011), Zero duty EPCG scheme (till 31 March 2012) and status holder incentives scheme (till 31 March 2012).
Export Promotion Council for Handicrafts (EPCH)
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