Home / Knowledge / News / Textiles / DGFT highlights steps for ease of doing business
DGFT highlights steps for ease of doing business
13
Jul '16
The government has said that the efficacy of a slew of initiatives under the new Foreign Trade Policy is reflected in the fact that the annual trade data indicates that the share of the manufacturing sector in India's total exports has increased from 64 per cent in 2014-15 to more than 69 per cent in 2015-16.

The analysis carried out by DGCIS shows that important sectors like cotton yarn/fabrics/made-ups and handloom products, RMG of all textiles among others, have recorded significant increase in 2015-16 over 2014-15.

In response to questions raised by the exporters on the major initiatives taken by Directorate General of Foreign Trade/ Department of Commerce to promote trade and improve Ease of Doing Business, DGFT's Director General Anup Wadhwan briefly summarized the major initiatives relating to policy simplification, reducing cost of capital through interest subvention, document reduction, IT initiatives like online filing of applications, creation of trade portal and training and outreach activities.

Wadhwan said the New FTP consolidated 5 different schemes for rewarding merchandise exports under the earlier policy into a single scheme, namely Merchandise Exports from India Scheme (MEIS) which was introduced on April 1, 2015.

The government also accepted the request of exporters to do away with Landing Certificates and approved extending MEIS benefits for the already notified products to all countries, which was implemented from May 4, 2016. This afforded dual benefit for most exporters as not only the landing certificate was dispensed with, the MEIS benefits were also extended to cover all countries.

He also pointed out that the Interest Equalization Scheme notified by the Reserve Bank of India (RBI) on December 4, 2015, reduces cost of capital by allowing 3 per cent interest equalization on Pre and Post Shipment Rupee Export Credit to eligible exporters. The scheme addresses the problem of high interest rates that the exporters had to pay. All products manufactured and exported by SME are eligible under the scheme

Additionally, for ease of doing business, the number of mandatory documents required for exports and imports have been reduced to 3 each. Earlier, 7 documents were required for exports and 10 for imports.

A major simplification was carried out for the first time exporters who are required to obtain Import Export Code. DGFT did away with the issuance of physical copy of IEC and introduced IEC wef Apr1, 2016. The application, processing and issuance was completely made online where no physical application was required to be submitted. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Trump announces tariffs on $200 bn worth Chinese imports

Apparel/Garments | On 18th Sep 2018

Trump announces tariffs on $200 bn worth Chinese imports

US President Donald Trump escalated the trade war with China on...

Courtesy: Sunrise Bumi Textiles

Textiles | On 18th Sep 2018

Sunrise Bumi developing new products for profitability

Sunrise Bumi Textiles, one of the world's leading quality yarn...

New Zealand bans sheep mulesing

Textiles | On 18th Sep 2018

New Zealand bans sheep mulesing

New Zealand has banned the practice of mulseing sheep, making the...

Interviews View All

Top executives, Textile industry, India

Top executives
Textile industry, India

The event should be organised every year

Victor Chao, Esmetex

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Abhimanyu Singh Rathore & Barbara Anna Kosiorek, Kannbar

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Tejas N Patel, Navin D Patel,

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Yash Jain & Sanjeev Jain,

Yash Jain & Sanjeev Jain

Divyam Export, launched about 30 years ago, exports to 15 countries,...

Gagan Gulati,

Gagan Gulati

PG Silk Mills Private Limited had a humble start with a hand-dyeing unit....

Iago Castro Asensio, RCfil Distribuciones S.L.

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Bani Batra,

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

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

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


September 2018

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

news category


Related Categories:

Advanced Search