Home / Knowledge / News / Textiles / Budget growth-oriented, forward-looking: AEPC
Budget growth-oriented, forward-looking: AEPC
01
Mar '16
The Union Budget 2016-17 is a balanced, growth-oriented and forward-looking Budget as it will ensure an overall development of the garment industry by focusing on skilled labour, infrastructural improvement and manufacturing sector's growth, the Apparel Export Promotion Council (AEPC) has said.

Commenting on the Budget, Ashok G Rajani, chairman of AEPC said, “Addition of 1 per cent Free on Board (FOB) value of exports in specified duty-free fabrics will enable garment exporters to produce those garments which they were not competitive enough of producing till now.”

Additional exports worth Rs 7,500 crore is expected in the year 2016-17 due to incentives in the Budget, he estimated.

In 2016-17, fabrics worth Rs 1,000 crore approximately will be eligible for imports, and custom duty worth Rs 110 crore will be saved on them. This will give avenues for new product development, which will give additional exports of Rs 2,500 crore, he said in a statement.

Duty-free import of trimmings and embellishments of 5 per cent FOB will enable additional exports of Rs 5,000 crore. Explaining this, he said, the benefit of Notification No 41/2012 is now effective from 1-7-2012. Here the government has changed the post manufacturing drawback rate from 0.18 per cent to 0.21 per cent.

Its effect will be additional 0.03 per cent drawback on service tax of garment exports on FOB value. This is subject to the passing of Finance Bill, he stated. (MCJ)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Jens Mahnke from Pexels

Textiles | On 22nd Oct 2018

India levies anti-dumping duty on flax yarn from China

The ministry of finance, Government of India, has imposed definitive...

Courtesy: Donear

Textiles | On 22nd Oct 2018

Aspiring middle class shaping menswear fabric trend

The key trends shaping menswear fabric include a new middle class and ...

Belarusian petrochem firms sign contracts with Russia

Textiles | On 22nd Oct 2018

Belarusian petrochem firms sign contracts with Russia

Belarus recently signed contracts worth nearly RUB 12 billion for...

Interviews View All

Sanjay Yagnik, Maa Tex Speciality

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Rashi Menda, Zapyle

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Amardeep Singh, Orient Craft

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Harssh Chheda,

Harssh Chheda

Mumbai-based Corporate Collars provides bespoke tailoring services for...

Maya Simova,

Maya Simova

Inter Expo and Congress Center (IEC) is a prominent exhibition centre in...

Paolo Crespi,

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Urs Stalder, Sanitized AG

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

S Ziya Gumuser, Teknomelt

S Ziya Gumuser
Teknomelt

Turkish nonwoven manufacturer Teknomelt has been around for only seven...

Matthew Kolmes, Supreme Corporation

Matthew Kolmes
Supreme Corporation

Supreme Corporation manufactures innovative specialty yarns and safety...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Vaanee Bhatia, Gritstones Clothing

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


October 2018

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

news category


Related Categories:

Advanced Search