The apex apparel exporters body, Apparel Export Promotion Council (AEPC), has welcomed the move to extend the 2 percent duty credit scrip under the Market Linked Focus Product Scrip (MLFPS) for RMG sector (2 percent Duty credit scrip, HS 61 & 62) to EU and USA for exports from 01/04/2014 till further orders.
"The incentive to RMG products, which have the highest employment intensity and potential was the need of the hour. I am sure that this decision of the Government would surely go a long way to offset infrastructure inefficiencies and other associated costs involved in manufacturing and marketing of these products," said Chairman AEPC, Virender Uppal, in his statement recently.
DGFT in its notification dated 27.02.14 amended the Chapter 3 of Foreign Trade Policy.
Chairman AEPC said, "We are at the fag end of this fiscal year and Industry captains are sprinting fast to reach the most ambitious target set for AEPC this year. With the current growth of over 16.4 percent, I am hopeful we will be cruising past USD 15 billion."
"It is noteworthy that Chapter 61 & 62 covers all the garment products and our exports to EU & USA covers almost 65 percent of our total garment exports," he added.
Uppal also lauded the DGFT for expanding the list of products for textiles and leather under the above scheme.
It is a well-timed move, which will have the far reaching benefits in terms of boosting the exports.
"High input costs and slowdown in global markets were adding to the stress. I am sure the present initiative of DGFT would certainly help in easing the pressure to a considerable extent to our sector," Uppal added.
Source:- smetimes.in
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