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India: Texprocil urges government to disburse Rs 3,000 crore TUFS funds

The Cotton Textiles Export Promotion Council (Texprocil) has urged the government to disburse the committed support of about Rs. 3,000 crore under Textile Upgradation Fund Scheme to help the industry tide over tough times. The Council has asked the government to include cotton yarn under Merchandise Exports from India Scheme (MEIS) as it is the only product that has been deprived of export incentives despite lot of value-addition within the country, while there is a strong case to double MEIS on fabrics to four per cent.

It also urged for the inclusion of cotton yarn and fabrics under ROSL (Rebate of State Levies) scheme for it faces many state levies as in the case of made-ups and garments. The central levies should also be factored under the ROSL as these levies are not being considered in duty drawback. Interest subvention should also be extended to merchant exporters as they contribute substantially to exports.

 

 
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