The Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) has welcomed the initiative of the centre 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 last 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 export of textiles to non-conventional markets, few items have skipped the attention of the authorities, it said in a release.
“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 per cent 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,” SRTEPC chairman Anil Rajvanshi said.
Referring to the revised All Industry rates of Duty Drawback the council said that while rates have been increased in some of the cases like cotton made-ups and readymade garments of cotton and certain fabrics, the rates for the same items manufactured from Man-made fibre have not been simultaneously increased.
Rajvanshi said the government’s decision to approve three per cent interest equalisation scheme on pre and post shipment rupee export credit applicable from April last, will give an impetus to the falling exports of the country and should be uniformly applied all exporters without any discrimination.
