Leather, Textile Exports to get incentives worth Rs 325 crore

Shri Kamal Nath, Minister of Commerce and Industry, while observing that the exports from Tea, Rice, Marine Products, Gems & Jewellery, Cotton yarn, Fabrics, Made-ups, Jute manufacturing, Carpets, Handicrafts, Plastics & linoleum sectors have been affected extensively this year, informed that a number of measures have been taken to help the exporters during the present economic slowdown in export markets through three stimulus packages on the fiscal side as well as through other measures in the banking sector.

Some of the measures include provision of interest subvention of 2% till 31.12.2009 for certain labour intensive sectors, additional funds of Rs.1200 crore for CST/ TED / Drawback refunds, extension of DEPB scheme up to 31.12.2009, restoration of DEPB rates for all items at rates prevailing prior to November, 2008, and increase in duty drawback rates on certain items effective 1st September, 2008. Around Rs.2300 crore have been provided through various existing schemes for cushioning the adverse impact of declining exports. In addition, certain measures have been taken by RBI to reduce interest rates and provide liquidity.

He further announced that the exports of leather and textile sectors would be given incentives of Rs.325 crore with effect from April 1, 2009. He also announced export incentives for certain items like technical textiles, stapling machine, handmade carpets and dried vegetables.

Source : Equity Bulls

Keywords