In Order To Maintain Export Growth Momentum, India Has Introduced A New Textile Incentive Policy.

Amit Ruparelia, chairman of the Cotton Textile Export Promotion Council (TEXPROCIL), welcomed this. He said: "the seven point strategy will help stimulate exports.

Provide a new stimulus. "

Anand Sharma, Minister of Commerce, industry and textiles of India, announced on May 6, 2012 the supplement to the 2012-13 foreign trade policy (2009-2014 years).

The purpose of this policy is to maintain in a global uncertain environment.

Export growth momentum.

Amit Ruparelia, chairman of the Export Promotion Council (TEXPROCIL), welcomed this. He said: "the seven point strategy will help stimulate exports and provide a new stimulus for the textile industry."

The policies announced by the government, including the interest subsidy scheme, will be extended for another year. Until March 31, 2013, a small number of selected product categories will be benefited.

The policy expanded the scope of the zero tariff EPCG plan and decoupled from the TUFS.

Mr. Ruparelia said that the expansion of the key product plan (FPS) / key market plan (FMS), covering more products and markets, would help exporters to focus on the export of value-added products and to open up new market opportunities.

The 2% interest subsidy scheme, which could only be enjoyed by a small number of industries selected earlier, such as hand spinning machines, handicrafts, carpets and small and medium-sized businesses, is expected to expand to labor-intensive industries, namely toys, sporting goods and garment industry, by the end of the fiscal year 2012.

Mr. Amit Ruparelia appealed to the government to extend the 2% interest subsidy scheme to all labor intensive industries in the textile and garment sector, such as home textiles, knitted fabrics, woven fabrics, etc. these industries also made significant contributions to India's foreign exchange earnings and actively create opportunities for job opportunities.

Mr. Ruparelia said that if policy measures can be extended to the entire textile value chain, he is confident that India's year-on-year growth will rise from 15% to 25%.