Home / Knowledge / News / Textiles / Sops worth Rs 8000 cr in mid-term review of India's FTP
Sops worth Rs 8000 cr in mid-term review of India's FTP
05
Dec '17
Incentives worth Rs 8,000 crore, focus on micro, small and medium enterprises (MSMEs), labour-intensive segments and the agriculture sector, and a self-certification scheme for duty-free imports are some of the highlights of the mid-term review document of India’s foreign trade policy (FTP) released today by the Directorate General of Foreign Trade (DGFT).

Incentives for goods exports are worth Rs. 4,567 crore while for services exports, it is Rs. 1,140 crore. The review stresses on focusing on new markets like Africa, Latin America and the Caribbean.

In April 2015, the government had announced several incentives in the five-year FTP for exporters and units in the special economic zones (EPZs) to nearly double India’s exports of goods and services to $900 billion by 2020.

The review was postponed from July to December to assess the impact of the goods and services tax (GST) as the DGFT had promised remedial action.

Despite economic slowdown in developed countries, Brexit, volatility in commodity prices and general uncertainty affecting India’s export sector, the country witnessed positive export growth in 13 of the past 14 months, minister of commerce and industry Suresh Prabhu said in the review document.

The issue of working capital blockage of exporters due to upfront payment of GST on inputs has been addressed by extending to them the benefit of sourcing inputs or capital goods from abroad as well as domestic suppliers without upfront GST payment. An E-wallet will be launched from April 1 next year and a team of experts will be set up to assist exporters on GST issues.

Merchandise Exports from India Scheme (MEIS) incentives for two textile sub-sectors — reademade garments and made-ups — have been raised from 2 per cent to 4 per cent, leading to a cumulative incentive of Rs 2,743 crore.

Under the self-certification scheme for duty-free imports, instead of getting a ratification of the Norms Committee for inputs to be used in the manufacture of export products, exporters will self-certify that requirement and take an authorization from the DGFT.

This scheme, that aims to reduce product turn-around time in sectors like chemicals, textile and engineering, will be initially applicable to authorized economic operators (AEOs). (DS)

Fibre2Fashion News Desk – India


Must ReadView All

'Sportswear is much more mainstream than earlier'

Fashion | On 20th Jul 2018

'Sportswear is much more mainstream than earlier'

The business of sportswear has evolved at a fast pace over the years. ...

Courtesy: YKK

Textiles | On 20th Jul 2018

Japanese firm YKK explores opening office in Uzbekistan

Japanese company YKK recently discussed with the Uztuqimachiliksanoat ...

HFPA alerts member firms on latest US tariff announcement

Textiles | On 20th Jul 2018

HFPA alerts member firms on latest US tariff announcement

The US Home Fashion Products Association (HFPA) has alerted its...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Manoj Sorathiya

Surat-based Sunrise Imports & Exports Co is a manufacturer and...

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Igor Chapurin
Chapurin

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Vaanee Bhatia
Gritstones Clothing

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

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


July 2018

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

news category


Related Categories:

Advanced Search