Web Exclusive | January 2019
Textile exports rise $35.67 billion in 2017-18
The exports of textiles item have increased to $35.67 billion in 2017-18. The Government has fixed export targets for textile and apparel including handicrafts for 2018-19 at $47.29 billion. The Government is aware of global demand for textiles and apparel from India. To enhance exports of textile and apparel products, the Government has announced a special package for garments and made-ups sectors. The package offers enhanced duty drawback coverage under Rebate of State Levies (RoSL) scheme, labour law reforms, additional incentives under Amended Technology Upgradation Fund Scheme (ATUFS), and relaxation of section 80JJAA of Income Tax Act.
The rates under Merchandise Exports from India Scheme (MEIS) have been enhanced from 2 to 4 per cent for apparel, 5 to 7 per cent for made-ups, handloom and handicrafts w.e.f. November 1, 2017.
Products like fibre, yarn and fabric in the textile value chain are being strengthened and made competitive through various schemes, like Powertex for fabric segment, ATUFS for all segments except spinning and Scheme for Integrated Textile Parks (SITP) for all segments. Assistance is provided to exporters under Market Access Initiative (MAI) Scheme. Further, Government has enhanced interest equalisation rate for pre- and post-shipment credit for certain textile sectors from 3 to 5 per cent from November 2, 2018.