Confederation of Indian Textile Industry (CITI) has welcomed and thanked Minister of Textile and Minister of Commerce for considering the presentation made by them for restoration of export benefits under Incremental Export Incentivisation Scheme on cotton yarn.
Prem Malik, Chairman, CITI stated that withdrawal of the benefits of IEIS had dampened the enthusiasm of cotton yarn exporters and the restoration of these benefits will reflect in the export performance during the remaining part of the year.
Malik thanked Shri Anand Sharma, Minister of Commerce and Dr. K. Sambasiva Rao, Minister of Textiles, for the active role that they played in getting the drawback rates revised and also welcomed the upward revision of duty drawback rates on some of the textile products in the drawback schedule announced by the Ministry of Finance on 21st January 2014.
Chairman stated that these two positive measures would go a long way in achieving the ambitious target of US$ 43 billion fixed by the government for export of textile products during the current fiscal year.
He pointed out that rigorous efforts were being made by the industry to penetrate new markets, especially in South America and Africa, on the strength of Focus Market Scheme (FMS) and has requested the government to restore the benefits of FMS on cotton yarn exports which had also been withdrawn by the government in September 2013. Restoration of these benefits would encourage the efforts made and help the industry to meet the high logistics costs in export of cotton yarn to these regions.
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