MEIS for garments and made ups got extended till June
To reinstate the competitiveness of exports and increase its share in the world market, the Ministry of Commerce and Industry has extended the Merchandise Exports from India Scheme (MEIS) for garments and made ups beyond June 2018.
The apparel and textile bodies, Apparel Exporters Promotion Council (AEPC) and Tirupur Exporter’s Association (TEA) have welcomed the extension as the Industry was facing tough time.
TEA President, Raja M Shanmugham said, “The extension will provide the industry as a major relief to the exporting units.”
AEPC Chairman, HKL Magu said, “The extension of the scheme has come as a breather at the time when the industry is reeling through a tough period.”
The Indian apparel export industry has been facing a tough time since months. Its exports in the month of April 2018 too plunged by 22.76 per cent to 1.34 billion US Dollar. In such a scenario, the extension of the scheme will strengthen the confidence of exporters.
Notably, MEIS was introduced by the Government of India under the Foreign Trade Policy (FTP) 2015-20, effective April 1, 2015. It seeks to promote export of notified goods manufactured/ produced in the country.
Apparel exports from India gained a four per cent MEIS benefit from November 2017 and it was then announced that the scheme would be valid till June 30, 2018, only.
– Apparel and Textile News, Apparel Talk, Indian Apparel