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Textiles, agri industry hails mid-term review of FT Policy

Thursday, December 07, 2017

The textile and agri industry yesterday said the government's mid-term review of Foreign Trade Policy (FTP) would help boost exports in labour-intensive sectors like textiles and agriculture.

"The mid-term review of FTP is progressive, growth-oriented and I am glad the government has recognized the urgent need to address the challenges being faced by the exporters on account of the  GST  roll-out by focusing on reducing procedural burden," the Cotton Textiles Export Promotion Council (Texprocil) chairman Ujwal Lahoti said.

The revised FTP has increased MEIS rates across the board by two% for labour intensive sectors. Earlier the MEIS rates for garments and made-ups were increased from two% to four%. The enhanced MEIS rates will provide the much needed relief to exporters and will certainly have a positive impact on the overall exports  especially of textile products, Lahoti said.

He also said the increase in the validity of duty credit scrips issued under the MEIS from 18 months to 24 months will increase the utility of such scrips.
With regard to export strategy, the Texprocil chairman said it is reassuring that the revised FTP identifies markets in Africa and Latin America to be its new focus areas as part of the government's goal of exploring new markets.

The textiles sector especially technical textiles will benefit immensely from this scheme. Also, it allows domestic procurements which will promote "Make in India," initiative, Lahoti added. Lahoti pointed out that cotton yarn continue to be denied any benefit under the FTP.

Ruchi Soya Industries MD and CEO Dinesh Shahra said, "The increase of Rs 1,354 cr in the incentives for agriculture and related products will given an additional boost to agri industries, which will in turn benefit all stakeholders including the farmers."

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