The Hindu Business Line : SIMA wants EPCG scheme sops to be notified

Coimbatore, April 12 The final annual supplement to the foreign trade policy unveiled by the Union Commerce Minister has offered some relief to the textile industry reeling under recession due to the rupee appreciation, higher interest costs and high cotton prices, the Southern India Mills Association (SIMA) has noted.

The Duty Entitlement Passbook (DEPB) scheme extension for one more year, reduction in the customs duty under Export Promotion Capital Goods (EPCG) scheme, offer of incentives and rewards under promotional schemes for exports made towards fulfilment of obligation under EPCG, focus product scheme enhancement and proposal to formulate a scheme to rebate domestic taxes are among the measures to provide major relief to the industry, SIMA has added.

Suggestions

The SIMA Chairman, Dr K.V. Srinivasan, welcoming the Commerce Minister’s announcement of annual FTP supplement has, however, wanted the Government to come out with a notification on the incentives and rewards so that the industry could take advantage of the new schemes at the earliest.

He also suggested that the government could consider the waiver of export obligation under the EPCG scheme in cases where exporters were not able to fulfil the obligation because of reasons that are beyond their control, like steep fall in international prices and so on. The extension of interest reduction granted for sectors affected adversely by the rupee appreciation by one more year would benefit the textile industry, SIMA has added.

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