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Apparel sector benefits from new Foreign Trade Policy

05
Jun '12
In addition to the labour intensive sectors like, carpets, handicrafts, handlooms and SME sector, the Commerce Minister - Mr Anand Sharma extended incentives to the Indian garment sector, today.

Announcing the annual supplement to the Foreign Trade Policy, he said, "We have decided to extend the interest subvention scheme for another year till March 31, 2013".

In addition to sectors which were entitled to the interest subvention scheme last year, more sectors like apparels, toys, sports goods and processed agriculture products will benefit from this scheme.

Under the interest subvention scheme, announced last year, two percent interest subsidy was given to the carpets, handicrafts, handlooms and SME sector.

Mr Sharma was optimistic that with the help of these measures, the country would be able to sustain a 20 percent growth rate in exports. In fiscal 2010-11, Indian exports rose 21 percent to US $303 billion.

Among other measures, he announced that, the Foreign Trade Policy would help reduce transaction costs, comprehensive trade pact talks with EU in advanced stage and that nil duty capital goods export scheme has been extended by one more year.

He also said that India is currently negotiating FTA deals with Australia, New Zealand and Canada, that the special focus will facilitate exports from North-East India and incentives on garment exports to the US and EU extended till March 31, 2013.

He also informed that the Commerce Ministry was drafting new guidelines for Special Economic Zones (SEZs)

Fibre2fashion News Desk - India


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