India Government Announces Special Plan To Improve Clothing Export
The government of India has announced a new plan, the so-called special attention market plan (SFMS), aimed at maintaining
foreign trade
Growth momentum and improve clothing exports.
In announcing the annual supplement to the 2009-14 foreign trade policy, Anand Charles, Minister of Commerce and industry, said that the government would provide 4% of Customs credits to exporters under the new SFMS.
The goal of SFMS is to enhance India's export competitiveness to 41 countries, including 12 Latin American countries and 22 countries.
Africa
The state and the 7 CIS countries.
In addition to the 3% tariff credit already provided, the export of these countries will also be eligible for a further 1% increase in customs credit and a total tariff credit of 4%.
For the apparel industry, SFMS includes all products under the sixty-first and sixty-second chapters of the United Nations tariff table (clothing and accessories, knitted or crocheted products).
The validity period of customs and credit from April 1, 2011 to March 31, 2012 was 2% of the export value of FOB.
The plan has added 2% rupee credit interest subsidy to Handlooms, handicrafts and carpet exporters. The Reserve Bank of India announced the news in October 11th.
The State Treasury is expected to consume about 80-90 billion rupees.
These preferential measures may help exporters to withstand the recession of major traditional markets, such as the US and Europe, which will consume 17 billion rupees.
Mr. Anand Sharma also said that the India government will soon sign a broad trade and investment agreement with the European Union.
He disclosed that the government is negotiating similar agreements with several countries on different continents to promote trade.
In the first six months of this fiscal year, India's exports increased by 52.1% to 160 billion US dollars.
This fiscal year
Exports reached US $300 billion target.
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