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Incentivise medical textile exports – FICCI
31 Aug '09
1 min read
The Federation of Indian Chambers of Commerce and Industry (FICCI) has demanded that the government should provide incentives to exports of medical textiles, since it is a promising area of growth in international markets.
It said that there is large untapped potential in developed markets of the US and EU for medical textiles and for this, various incentives like Duty Entitlement Pass Book Scheme (DEPB) should be provided on exports of these products.
Under the DEPB scheme, customs duty paid on import of goods, meant for exports are refundable, which will help these companies to be competitive and asked for a amendment in the Indian Drugs and Cosmetics Act to include medical textiles.
Currently DEPB scheme is available for medical products manufactured only from spun yarn. FICCI has demanded DEPB scheme to be made applicable for medical textiles produced from non-woven fabrics.
According to FICCI, the current medical textiles market in India is around Rs 2,365 crore and is expected to touch Rs 3,737 crore by 2012-13, which offers a huge opportunity for new generation medical textiles in India.
It said that there is large untapped potential in developed markets of the US and EU for medical textiles and for this, various incentives like Duty Entitlement Pass Book Scheme (DEPB) should be provided on exports of these products.
Under the DEPB scheme, customs duty paid on import of goods, meant for exports are refundable, which will help these companies to be competitive and asked for a amendment in the Indian Drugs and Cosmetics Act to include medical textiles.
Currently DEPB scheme is available for medical products manufactured only from spun yarn. FICCI has demanded DEPB scheme to be made applicable for medical textiles produced from non-woven fabrics.
According to FICCI, the current medical textiles market in India is around Rs 2,365 crore and is expected to touch Rs 3,737 crore by 2012-13, which offers a huge opportunity for new generation medical textiles in India.
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