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Include cotton yarn under 3 per cent Interest Equalization Scheme, urges Texprocil

  

KV Srinivasan, Chairman, Cotton Textiles Export Promotion Council (Texprocil) has urged the government to include cotton yarn under the 3 per cent Interest Equalisation Scheme. He also requested the government to cover cotton yarn and cotton fabrics under the present RoSCTL (Rebate of State and Central Taxes and Levies) Scheme and the much-awaited Refund of Duties and Taxes on Export Products (RoDTEP) Scheme.

He says, these schemes reimburse all duties and taxes incurred during the production process and support the maxim of “export of goods and not taxes”. It would also enhance the overall competitiveness of the textile industry and give a fillip to India becoming a hub of fabric and yarn production to serve both the domestic and export markets.

Texprocil also urged the government to release all the pending claims under ROSL and RoSCTL to exporters of made-ups and garments. All these measures will help exporters of cotton textiles sustain exports, which in turn enable consumption of cotton which has been procured and stocked by the Cotton Corporation of India in very large quantities.

Data released by the Indian Ministry of Commerce and Industry shows, textile exports in the country plunged by 53 per cent last month to $758 million, against the $1.62 billion logged in May 2019, while apparel exports fell by 66 per cent to $1.27 billion ($3.15 billion) as economies across the globe reeled under the pandemic. Export of cotton yarn and fabrics slipped 47 per cent to $465 million in May while those of readymade garment shipments dropped by 66 per cent to $517 million.

Similarly, textile exports in the first two months of this fiscal decreased by 68 per cent to $991 million while that of apparel decreased by 78 per cent to $643 million.

 
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