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Hailing the government's decision to exempt handicrafts tools from import duty, the exporters today said the initiative will help them produce better designed products and increase their competitiveness in the global market.
Under the provision, an exporter can import tools duty free up to five per cent (freight on board) of the value of handicrafts products meant for exports during the preceding financial year, an Export Promotion Council for Handicrafts (EPCH) statement said.
The announcement was made in the Budget 2011-12. The import duty exemption was notified on March 1, 2011, with immediate effect.
“Such initiatives would help the handicrafts sector produce better designed and crafted products. The inclusion of items would help boost handicraft exports in a considerable manner,” the EPCH Chairman, Mr Raj Kumar Malhotra, said in a statement.
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