Industry & Economy
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Textiles
`Little for organised textile industry'
G. Gurumurthy
Coimbatore
,
Aug. 31
THOUGH the sectoral initiatives as promised by the Commerce Ministry would go a long way in strengthening the export potential of the traditional sectors including the textiles, the Ministry has not specifically spelt out anything for the organised textile industry other than the handlooms, the Southern India Mills Association has said.
Reacting to the new Foreign Trade Policy announced on Tuesday,the Chairman of SIMA, Mr Vijay Venkataswamy, felt that the exporters could heave a sigh of relief over Government's decision to continue the DEPB scheme.
The validity of DEPB earlier restricted to 12 months has now been extended to 24 months from the date of issue but the DEPB rates are still awaited.
He appreciated the improvements made in the Export Promotion Capital Goods to upgrade technology levels and the move to exempt the export oriented units from the purview of service tax to the extent of their export of goods and services.
The SIMA chief, however, felt that though the import of capital goods was allowed without any age restriction, care should be taken that no outdated technology is allowed to be imported in their enthusiasm to bridge the weak link, especially in weaving and processing sectors.
Mr Vijay Venkataswamy held the view that the import of fuel under the duty free replenishment certificate scheme now allowed to be transferred to marketing agencies authorised by the Ministry of petroleum and natural gas would benefit exporters to become more competitive as import of fuel at international cost would result in substantial savings.
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