The Ministry of Textiles has fixed an export target of USD 45 billion for textile products for the current year 2014-15, after discussion with the Industry. In fact, there is absolutely no change done in the target from last year’s, which was set at USD 45 billion for textile product.
The set target was informed by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry, Nirmala Sitharaman in a written reply in Lok Sabha on Friday.
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 take benefits of duty free import of capital Goods under EPCG and raw material under Advance Authorization Scheme.
Benefit of interest subvention at the rate of 2 percent, available for certain products of textile, was enhanced to 3 percent with effect from 1.8.2013 under Interest Subvention Scheme.
In the Union Budget 2014-15 to encourage ready-made garment export, it has been announced that the duty free entitlement for import of trimmings, embellishments and other specified items is increased from 3 percent to 5 percent of the value of exports.
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