Home / Knowledge / News / Textiles / New FTP to arrest declining trend of handicraft exports

New FTP to arrest declining trend of handicraft exports

01
Sep '09
Union Ministry of Commerce and Industry is going to establish two towns of Export Excellence at Srinagar and Islamabad in J&K, under its new Foreign Trade Policy (FTP) for the year 2009-2014. The global slowdown has resulted in a steep plunge of handicraft exports.

This is the first time, that the handicraft sector has received attention and due recognition in the FTP by including all handicrafts items as 'Special Focused Products' and making them entitled to 5 per cent duty credit scrips. The special focused products shall be granted duty scrips equivalent to 5 per cent of F.O.B. value of exports for shipments made from 27 August, 2009 onwards.

There are a number of government's initiatives in this new FTP to curtail the declining trend of country's handicraft exports, stated Mr. Raj Kumar Malhotra, the Chairman of Export Promotion Council of Handicrafts (EPCH). This scheme will assist handicraft sector to stand competitively in the international market.

All the handicraft products had not been covered in the earlier scheme of Vishesh Krishi and Gram Udyog Yojana (VKGUY), but the 'Special Focused Products' Scheme is much wider and covers all the handicraft items. In order to promote the handicrafts from these regions, a short term plan has also been framed out by the EPCH.

The handicraft sector has also been included for higher allocation in the Market Development Assistance (MDA) and Market Access Scheme (MAI), provided by the Ministry of Commerce.

A few programs have also been prepared by the council to market the products of handicraft sector in focused as well as general markets. Many programs of Reverse Buyers-Seller Meets (RBSM) will also be conducted under this program. This scheme is expected to benefit the exporters.

EPCH's recommendation to reduce the customs duty on Export Promotion Capital Goods Scheme (EPCG) from 3 percent to 0 percent in this FTP has been accepted. The export obligation shall be six times of the custom duty and same is to be fulfilled in six years.

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 17th Aug 2019

EBA benefit withdrawal to hurt 4 mn Cambodians: GMAC

The Garment Manufacturers Association in Cambodia recently said the...

Pic: Infinited Fiber

Textiles | On 17th Aug 2019

Infinited Fiber receives lead investment from RGE

Singapore-based RGE Pte Ltd has joined a group of investors including ...

Pic: Macy's

Apparel/Garments | On 17th Aug 2019

Macy's net sales down to $5,546 mn in Q2 of 2019

Macy's Inc reported net sales of $5,546 million in Q2 of 2019 ending...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

Textile institutes need to change their curriculum

Top executives, Textile industry

Top executives
Textile industry

The foremost issue is bridging the skill gap

Neel Sawhney, One Friday

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Iacopo Pardini,

Iacopo Pardini

Founded in 1953, Italian engineering company Arioli Spa started...

N Nithyanandan,

N Nithyanandan

Incorporated in 1999, Purani Textiless Private Limited is one of the...

Zafer Demirel,

Zafer Demirel

Turkey's Canlar Mechatronics is a leading designer and manufacturer of...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

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

Justin Chan & Shyam Gollakota, University of Washington

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

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


August 2019

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

news category


Related Categories:

Advanced Search