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The Government has announced a new schedule for duty draw back, including additional categories for products benefiting the textile industry such as flame retardant fabrics, cotton yarn and cotton Lycra yarn.
Special incentivesEarlier, the Cotton Textile Export Promotion Council had placed a demand for special incentives for select products based on increased demand in the international markets.
RK Dalmia, Chairman, Cotton Textiles Export Promotion Council (Texprocil), said in a statement that the new rates for cotton textiles and the increase in drawback limits would boost textile exports.
Complimenting the Government for recognising the growing importance of Lycra-based yarns and fabrics, which constitute about 25 per cent of the world trade, he said the rates for lycra-based products should have been increased by at least one per cent and not 0.1 per cent, in order to offset the high import duty on lycra.
“We would submit revised calculation in this regard to push for further increase in drawback rates for lycra-based products,” he said.
Dalmia also urged the customs department to avoid unnecessary harassment and inconvenience to the exporters operating under the drawback scheme.
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