The Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) has welcomed the initiative taken by the Central Government to boost the exports of textiles made of Man-made fibres for B&C group of countries under the MEIS Scheme. In the original policy issued in April 2015 there was no incentive for export of such textiles for Africa and Latin American countries falling under the B&C category. While this will be a definite booster for increasing our export of textiles to non-conventional markets, few items have skipped the attention of the authorities.
Anil Rajvanshi, SRTEPC Chairman, said that India, being the largest producer of Polyester & Viscose in the world, can supply Polyester/Viscose blended spun (P/V) yarn to the world for making Apparels for most of the uses. In the current year the export of P/V spun yarn falling under Chapter 55 has dropped by almost 19% due to non-competitiveness as compared to China. There is a huge market for such Yarn and the same needs to be included under MEIS for B&C countries also where India can definitely secure a large share of exports in this segment.
The Government has announced the revised All Industry rates of Duty Drawback rates effective from 23rd November 2015. The rates have been increased in some of the cases like Cotton Made-ups and Readymade Garments of Cotton and certain fabrics. However, the rates for the same items manufactured from Man-made fibre have not been simultaneously increased.One of the most commonly exported fabrics made of P/V falling under Chapter Heading 5515 has got a setback as Drawback rates on this has been reduced.
â€œSRTEPC requests the Drawback Directorate under MOF to kindly look into it and correct the anomaly in the Made-ups and Fabrics made of PV accordingly. Though, the Drawback rates announced by the Government are by and large satisfactory except for some of the above items, which have been reduced despite the increased competition from China,â€ Rajvanshi said.
He said that it is heartening to note that the Cabinet has approved 3% Interest Subvention for the exporters applicable from April 2015, which will give an impetus to the falling exports of the country and should be uniformly applied all exporters without any discrimination and conditionalityâ€™s.
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