Home / Knowledge / News / Textiles / SIMA hails extension of 2% export benefit under MEIS
SIMA hails extension of 2% export benefit under MEIS
31
Oct '15
The Southern India Mills' Association (SIMA) has welcomed the amendment of 2 per cent export benefit under the Merchandise Export from India Scheme (MEIS) permitting the export of fabrics and man-made fibre spun yarns to leading markets such as African countries, the Middle East, Sri Lanka and Bangladesh.

Earlier, the benefit was confined only to to exports to countries in Group A and Japan in Group B and Bangladesh and Sri Lanka in Group C for fabrics. In the case of manmade fibre spun yarn, the benefit was extended only to countries in Group A and Japan in Group B. Now the benefit has been extended to all countries in Group A, B and C for both fabrics and manmade fibre spun yarn. In the case of made-ups and garments, the benefit was extended to all countries in Group A and only Japan in Group B. Now the benefit has been extended to all countries in Group A and B.

In a press release, SIMA Chairman M Senthilkumar said that this amendment has come as a relief to the textile industry which is under severe stress and is struggling with excess production capacity, particularly in the spinning sector.

“Cotton yarn also could have been included as the highly capital and labour intensive spinning sector is under more stress when compared to other segments. The relief given to the manmade fibre spun yarn might slightly increase the exports and help the spinning sector to certain extent,” he said.

Senthilkumar also said that the domestic demand for yarn might slightly improve if the fabric and other value added product exports increase taking advantage of the benefit.

The SIMA chief appealed to the Government to expedite the announcement of interest subvention for all textile products which is under consideration for the last one year.

In recent times, the Indian textile industry has been facing one of the worst ever crisis in its history due to slow down in the global market for textiles and clothing, regional FTAs that reduced exports from India due to tariff barriers, expensive cotton and manmade fibre price when compared to the international price, undue delay in disbursement of TUF subsidies, etc.

The industry had been demanding to extend additional incentives under MEIS and also 3 per cent interest subvention for export of all textile products till the Indian textiles and clothing exports reach their potential growth rate and a level playing field is created in the open market. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

'Requirement of polyester filament yarn is increasing'

Textiles | On 19th Jun 2018

'Requirement of polyester filament yarn is increasing'

The requirement of polyester filament yarn (PFY) is increasing as it...

Courtesy: SAC

Textiles | On 19th Jun 2018

SAC to release pilot of Higg Facility Social Labour Module

The Sustainable Apparel Coalition (SAC) will release this year a...

Courtesy: Tim Savage from Pexels

Textiles | On 19th Jun 2018

Da Lat begins construction of $50mn wool yarn factory

Da Lat Worsted Spinning Limited Company has begun construction of a...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Marten Alkhagen
Swerea IVF AB

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

Ashok Desai
Bombay Textile Research Association

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

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search