India : SIMA welcomes supplement to Foreign Trade Policy

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SIMA welcomes supplement to Foreign Trade Policy

12
Apr '08

The final annual supplement to Foreign Trade Policy 2008-09 published by the Ministry of Commerce & Industry on 11.4.2008 has given some reliefs to the textile industry, which has been reeling under severe recession due to sudden appreciation of Rupee against US Dollar, escalation of interest rate, increase in cotton prices, lower yarn prices, etc, for the last one year.

In a Press Release issued here, Dr K V Srinivasan, Chairman, The Southern India Mills' Association welcomed the various measures announced by the Ministry of Commerce and Industry and has indicated that the incentives would give considerable relief to the textile industry and might enable the textile industry to regain its competitiveness to certain extent.

Some of the major reliefs include:
• DEPB Scheme extended till May 2009
• Customs duty payable under EPCG scheme reduced from 5% to 3%
• Waiver of export obligation under EPCG Scheme may be considered where because of reasons which are beyond the control of exporters like steep fall in international prices and the exporter is unable to fulfil the export obligation
• Exports made towards fulfilment of export obligation under EPCG Scheme shall be eligible for incentives / rewards under promotional schemes
• A Scheme will be formulated for rebating all domestic taxes with regard to export
• Incentive under Focus Product Scheme enhanced @ 2.5% for products (to be notified)
• Inclusion of 10 more countries within the ambit of Focus Market Scheme

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