Govt to provide Rs 325-crore incentive for leather and textile exports

26 Feb 2009 | 18:24 Govt to provide Rs 325-crore incentive for leather and textile exports

Commerce Minister Kamal Nath today, 26 February 2009, said duty credit scrip under duty entitlement pass book (DEPB) will now be issued without waiting for realization of export proceeds

Announcing a review of the long term Trade Policy, Nath said exports growth target of $200 billion for the year ending March 2009 was unlikely to be achieved due recession in key global economies and amid a financial sector crisis. He expressed hope that the $200 billion exports target could be met in the next financial year.

India's merchandise exports rose 13.2% to $144.26 billion in April 2008-January 2009 period over April-January 2008. Exports from special economic zones (SEZ) are expected to touch Rs 90000 crore in the year ending March 2009.

The Commerce Minister also announced a special incentive of Rs 325 crore for various sectors like handmade carpets, leather and technical textiles from 1 April 2009. He also announced export incentives for certain items like technical textiles, stapling machine, handmade carpets and dried vegetables.

The Export Promotion Council for gems and jewellery and star trading houses in the gems and jewellery sector, besides Diamond India, MSTC and STCL have been added under the list of nominated agencies notified under para 4 A.4 of foreign trade policy for the purpose of import of precious metals.

The authorized persons of gems and jewellery units located in Export Oriented Units have been allowed personal carriage of gold in primary form up to 10 kilogram in a financial year subject to RBI and customs guidelines.

Among other changes, the threshold limit for recognition as Premier Trading Houses has been reduced to Rs 7500 crore from Rs 10000.

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