Industries, exporters hail mid-term review of foreign trade policy
Amid the reports of exporters encouraging the move of an increase of Rs 8,450 crore in incentives at the foreign […]
Sarabjit Kaur December 6, 2017
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Amid the reports of exporters encouraging the move of an increase of Rs 8,450 crore in incentives at the foreign trade policy review in New Delhi on Tuesday, the textile and agri industry on Wednesday said the mid-term review would help boost exports in the labour-intensive sector. “The mid-term review of FTP is progressive, growth-oriented and I am glad the government has recognized the urgent need to address the challenges being faced by the exporters on account of the GST roll-out by focusing on reducing procedural burden,” the Cotton Textiles Export Promotion Council (Texprocil) chairman Ujwal Lahoti said. The revised FTP has increased MEIS rates across the board by two per cent for labour intensive sectors. Earlier the MEIS rates for garments and made-ups were increased from two per cent to four per cent. The enhanced MEIS rates will provide the much needed relief to exporters and will certainly have a positive impact on the overall exports especially of textile products, Lahoti said. He also said the increase in the validity of duty credit scrips issued under the MEIS from 18 months to 24 months will increase the utility of such scrips. With regard to export strategy, the Texprocil chairman said it is reassuring that the revised FTP identifies markets in Africa and Latin America to be its new focus areas as part of the government’s goal of exploring new markets. The textiles sector especially technical textiles will benefit immensely from this scheme. Also, it allows domestic procurements which will promote “Make in India,” initiative, Lahoti added.