07 March 2022, Mumbai:
Textile exporters may soon get a fresh set of incentives to expand their business in European and other markets, according to proposals being considered at the commerce ministry.
1. EXPORT PROMOTION SCHEMES AVAILABLE FOR TEXTILE SECTOR FIRMS IN INDIA
a) Merchandize Exports from India (MEIS) Scheme
Launched in April 2015, the MEIS provides duty reward to eligible textile and apparel categories to an extent of 2-5% of FOB value in the countries categorized as per the criteria prescribed under the Scheme.
(b) Interest Equalization Scheme
(c) Duty Drawback Scheme
(d) Market Access Initiative (MAI)
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“These incentives, if and when they come, will go a long way in helping Indian textile firms enter the European markets, which currently slap high levy on Indian exports,” a parliamentarian concerned within the dialogue mentioned on situation of anonymity.
New Delhi is against the proposed levy as it would make it harder for Indian corporations to compete in opposition to China and different manufacturing hubs.
RELATED ARTICLE In 2021, India's domestic textile exports would generate US $ 6.68 billion in income
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CREDITS: HT texmin.nic.in India Today.
