Textiles Ministry sets export target of $ 45 billion for 2014-15

NEW DELHI: The Textiles Ministry has set an export target of $ 45 billion for textile products in the current fiscal, Parliament was informed.

"The Ministry of Textiles has fixed an export target of $ 45 billion for textile products for the year 2014-15, in consultation with the Industry. The target has not been revised," Commerce & Industry Minister Nirmala Sitharaman said.

Exports of textile products are supported through different schemes under Foreign Trade Policy e.g. Focus Market Scheme, Market Linked Focus Product Scheme, Focus Product Scheme and Duty Drawback Scheme.

Exporters of textile products can also avail duty free import of capital Goods under EPCG and raw material under Advance Authorisation Scheme. Benefit of interest subvention at the rate of 2 per cent, available for certain products of textile, was enhanced to 3 per cent with effect from August 2013 under Interest Subvention Scheme.

To encourage exports of ready-made garments, it has been announced in Union Budget 2014-15 to increase the duty free entitlement for import of trimmings, embellishments and other specified items from 3 per cent to 5 per cent of the value of exports.

Source : dailyshippingtimes.com