Foreign Trade Policy review growth-oriented: Texprocil

Posted by Daily Shipping Times on 11-12-2017        Tweet

COIMBATORE : The textile industry has termed the mid-term review of the Foreign Trade Policy (FTP) 2015-20 as a “progressive and growth oriented one” and hailed the initiatives taken towards reducing the procedural burden.

“While it has addressed many issues faced by exporters, there are some areas that need to be addressed immediately to promote export of textiles. Cotton yarn continues to be denied any benefit under FTP,” said Ujwal Lahoti, Chairman of the Cotton Textiles Export Promotion Council (Texprocil), urging the Government to include cotton yarn under MEIS and 3 per cent Interest Equalisation Scheme.

The Council has also stressed the need for extension of the 3 per cent Interest Equalisation Scheme to merchant exporters, covering fabrics under ROSL, increasing MEIS rates for fabrics and permitting domestic procurement against EPCG authorisation and advance authorisation without payment of GST for export production.

Focus areas

P Nataraj, Chairman, The Southern India Mills' Association (SIMA) said that the Government has given thrust to Ease of Doing Business, ease of trading across borders, exploring newer Export markets and products, and establishment of the National Trade Facilitation Committee. The industry hopes that the Government would enhance the duty drawback rates for all textiles soon and enable exporters have the same level of export competitiveness that they enjoyed in the pre-GST era.

MSME role

Regional Chairman of the Federation of Indian Export Organisations A Sakthivel said the focus on MSME and labour intensive sectors would help the ‘Make in India’ initiative of the Government.

He hailed the various initiatives, including the new trust-based ‘self-rectification scheme’ for duty-free imports, trade facilitation measures, creation of a new logistics division and urged exporters to utilise the facilities for venturing into new markets

Sakthivel also urged the State Governments to come up with State Export Promotion Policy to give a boost to the manufacturing sector.