The Garments Exporters Association (GEA) has welcomed the initiatives announced in the Annual Supplement to the Foreign Trade Policy by Union Minister of Commerce, Industry and Textiles Anand Sharma on Tuesday.
"The extension of 2 per cent interest rate subvention to readymade garments till 31st March, 2013 is a step in the right direction and will provide necessary relief to garment exporters," said GEA president Rakesh Vaid in a press statement.
He also welcomed the extension of 2 per cent Market Linked Focus Product Scheme for export to US and EU in respect of items falling in Chapter 61 and Chapter 62, which will further boost exports in EU and USA, the two major important markets.
He added that introduction of a new Post-Export Scheme, where exporters may import capital goods on payment of duty in cash and subsequently, receive duty scrip on completion of export obligation, is a welcome move, which will obviate the monitoring and reporting requirements, as the scheme would be self-monitored.
The GEA chief appreciated steps taken to cut-down the transaction cost for exporters and promoting technological Upgradation of exports.
GEA expressed hope that the above policy initiatives will assist Indian exporters to achieve export target by promoting our exports in the international market. The initiatives will boost Indian exports by making them more competitive in the International market, it added.