Praising the government for abolishing anti-dumping duty on purified terephthalic acid (PTA) in the budget, the Apparel Export Promotion Council (AEPC) appreciated the proposed review of the rules of origin criteria for free trade agreement (FTA) countries. However, a complimentary step in this direction would be expediting FTAs with the European Union, Australia, Canada and initiating an FTA with the United Kingdom, it said.

It also appreciated the proposals for a dedicated investment clearance cell, economic corridors covering 9,000 km, a National Logistics Policy with a single window e-logistics market for making micro, small and medium enterprises (MSMEs) competitive, financing for MSMEs, 5-year exemption from audit for MSMEs and easing of tax filing for start-ups.

The new NIRVIK scheme for higher export credit disbursements with greater coverage, reduced premium and simplified procedures for claiming settlements is a welcome step given the increased uncertainties in the global market, AEPC chairman A Sakthivel said in a press release.

The proposed National Technical Textiles Mission can position India as a global leader in technical textiles, he said.

The council is studying the proposed scheme for revision of duties and taxes on exported products in which Exporters to be digitally refunded duties and taxes levied at the central, state and local levels, which are otherwise not exempted or refunded, it added.

Fibre2Fashion News Desk (DS)

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