>>
Home / Knowledge / News / Textiles / Rebates & incentives needed to compete in world market: FIEO

Rebates & incentives needed to compete in world market: FIEO

26
Aug '09
Federation of Indian Export Organisations (FIEO), the apex trade body of the exporters have submitted its wish list to the Ministry of Commerce for inclusion in upcoming foreign Trade Policy to be announced on 27th August. Mr. A Sakthivel, President, FIEO said the in the present circumstances, when world trade in reeling under pressure and demand is low, only competitive pricing can be the solution. Direct and indirect taxes considerably add to the cost of the export products in India. A reduction in the taxes will help exporters to do their pricing competitively.

Scheme to rebate State taxes: GST is likely to be introduced as dual GST one for Central taxes and other for State taxes. The merging of two into a comprehensive national GST will take a long time. Exports are already burdened with the incidence of State and local levies which for certain products in certain States may be as high as 5 - 6% of the FOB value. Foreign Trade Policy should therefore, announce a new scheme to rebate State and local levies on an average basis.

Enhancement of incentives under various promotional schemes given Chapter 3 of the Policy: The Foreign Trade Policy provides incentives through FPS, FMS, Market Linked Product Scheme and VKGUY where benefit ranges between 1.25% to 5%. Due to very low benefit under few schemes, exporters are reluctant to avail it. The export benefit under all these schemes should be a minimum of 3.75% and all such schemes may be extended till 31st March, 2012.

Duty free fuel for exports under DEPB/drawback schemes: While Foreign Trade Policy provides for duty free fuel for units having captive power plants and operating under Advance Authorisation. However, the same benefit is not available to such units while exporting through drawback and DEPB schemes. Fuel cost is one of the important components and therefore, the same should be allowed at near the international price to all exporting units either having captive power plants or using generators for export production.

Maintenance of average export obligation: Indian exports were showing a growth of over 20% since 2002-03. However, due to negative growth in world trade, it would be difficult for Indian exporters to maintain such high growth rate so as to adhere to both average and additional export obligation under EPCG scheme. The average export obligation may, therefore, be fixed at 50% of the preceding three years exports particularly for sectors showing negative growth and services sectors such as Hotel and Tourism which are hard hit after 26/11.

Federation of Indian Export Organisations


Must ReadView All

Pic: Shutterstock.com

Textiles | On 24th Jan 2022

World economy to lose $12.5 trn in output by 2024 due to COVID: IMF

The world economy will lose $12.5 trillion in output by 2024 due to...

Pic: Karin59 | Dreamstime.com

Textiles | On 24th Jan 2022

Investor confidence in Germany rises in Jan despite supply crunch

Investor confidence in Germany rose in January, say recent figures,...

Pic: Nikolay Antonov | Dreamstime.com

Textiles | On 24th Jan 2022

People's Bank of China cuts benchmark lending rates

China’s central bank has cut the benchmark lending rate of loan prime ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Led by MMF, Indian apparel exports likely to double in next 3 years

Textile Industry, Head honchos

Textile Industry
Head honchos

Strongly believe in 'people first' policy.

Textile Industry, Head honchos

Textile Industry
Head honchos

Biggest learning was adaptability

Kurt Wedgwood,

Kurt Wedgwood

From design to raw material to fabrication and ultimately to delivery -...

Noemi Sanchez,

Noemi Sanchez

Established since 1846, Evlox is a specialised denim manufacturer with its ...

Shyam Gupta,

Shyam Gupta

Established by <b>Shyam Gupta</b> in 1978, Gargee Designer's (GD) offers...

Sven Ghyselinck, Devan Chemical

Sven Ghyselinck
Devan Chemical

Headquartered in Belgium and with offices in the United Kingdom, Portugal...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Dr Anup Rakshit, ITTA

Dr Anup Rakshit
ITTA

The Indian Technical Textile Association (ITTA) is the only association of ...

Archana Jaju, Label Archana Jaju

Archana Jaju
Label Archana Jaju

<b>Archana Jaju</b>’s Hyderabad-based eponymous label works with artisans...

Manish Malhotra, Label Manish Malhotra

Manish Malhotra
Label Manish Malhotra

A multitalented designer and founder of an eponymous label, Manish...

Shalini Sharma & Shweta Pundir Sharma, Six Yard Story

Shalini Sharma & Shweta Pundir Sharma
Six Yard Story

Six Yard Story is a premium artisanal brand with a focus to bring handloom ...

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

ESTEEMED CLIENTS

Asos
Tchibo GmbH
Alix Partners
Green Fibre
Lenzing Aktiengesellschaft
Bluestem Global Sourcing Limited
Tommy Hilfiger
Brandix Lanka Limited
Puma
KIABI
MAS Active / MAS Kreeda / MAS Bodyline
Babyshop
LC Waikiki
Vardhman Textile Ltd
C;&A Sourcing International Ltd
Sateri (Jiujiang) Fiber Co.,Ltd
Desigual - ABASIC, S.A.
Seasalt Limited
Splash
Lifestyle
Under Armour Global Sourcing Ltd
T.T. Limited
Chico’ FAS
Grasim Industries Limited
Vianney Textil Hogar S.A. De C.V.
HYOSUNG CORPORATION INDIA PRIVATE LIMITED
Helly Hansen Far East Ltd
Abit
Arvind Limited
Hirdaramani International Export Private Limited
KAS Direct Sourcing
SYNERGIES HONG KONG LIMITED
Maceton Limited
THE BOMBAY DYEING ;& MFG.CO. LTD
PVH Corporation
TESCO INTERNATIONAL SOURCING LIMITED
Rosset ;& Cia Limited
Restoque S.A.
BIRLA CENTURY A DIVISION OF CENTURY TEXTILES AND INDUSTRIES
SHAHI Exports Pvt Ltd
Gap International Sourcing Limited
BIANCA
Gloria Jeans
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
Amazon China
Benetton Group
Aquarelle Clothing Limited
BIMBA ;& LOLA SL
The Top Form Brassiere Manufacturing Company Limited
Landmark Group
IKEA of Sweden AB
Lacoste (Wanchai)
Reiter India Private Limited
Calvin Klein
Tory Burch Hong Kong Ltd
Lululemon Athletica Inc
Sportmaster Ltd.
The LYCRA Company Singapore  Pte. Ltd
John Varvatos
OVS Hong Kong Sourcing Ltd.
International Textile Manufacturers Federation
Recron Polyester from Reliance Industries Limited
Groz-Beckert East Asia LLP
H;&M Hennes ;& Mauritz (Far East) Ltd
Eastman Chemical Company
Gokaldas Exports Limited
Esprit Europe Services GmbH
Chori Company Limited
Sportswear Company Spa
NITI Aayog
J ;& P Coats
IDH – The Sustainable Trade Initiative
Cat Tuong Real Estate Group Joint Stock Company
Phong Phu international JSC (PPJ)
Hela Clothing Pvt Ltd
Rayonese Textile Inc., Division de Culp Inc.
G-Star Raw C.V.
Varner AS Retail
Midas Clothing Limited
Permoda(Koaj/Armi/Pronto/Bkul)
Lisa S.P.A.
Page Industries Limited (Bangalore)
Etam Group Strategy Hong Kong Limited
Target Corporation (MN)
Aramark Uniform ;& Career Apparel, LLC
Huntsman (Singapore) Pte Ltd
Boardriders Asia Sourcing Limited
Decathlon
Gatsby Africa
Alison Hayes Romania

January 2022

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


Advanced Search