Textile industry welcomes FTP, calls it progressive and growth oriented

New Delhi, Apr 1 (KNN) The textile industry have welcomed the  Foreign Trade Policy (FTP) terming it as progressive and growth oriented.

The foreign trade policy was launched by Union Commerce, Industry and Textiles Minister Piyush Goyal on Friday.

Speaking exclusively with KNN India, Animesh Saxena, Managing Director of export house, Neetee Clothings Pvt has called the FTP a dynamic policy that will help facilitate greater trade, boost manufacturing, promote exports, and enable ease of doing business.

Saxena, Past President of FISME welcomed the government’s decision to increase the value limit for e-commerce exports through courier service fr0m Rs 5 lakh to Rs 10 lakh per consignment.

“Centre’s decision to have no end date to the policy and to update it whenever necessary will help India achieve its long term export target,” he said.

T. Rajkumar, chairman of the Confederation of Indian Textile Industry, said the new policy will bring transformative changes in India’s trade through technology, automation, and continuous process re-engineering.

“It will pave the way for Indian exporters to take care of the various emerging global and economic challenges,” he said.

Lauding the policy, Federation of Indian Export Organisations president A. Sakthivel said, the new FTP will boost trade, manufacturing activities, exports, and ease of doing business and promote rupee as global currency.

“Reduction in user charges for MSMEs under Advance Authorisation and EPCG, e-certificate of origin, paperless filing of export obligation discharge applications would not only reduce the transaction time and cost for the exporters, but also help execute export contracts on time,” he said.

Chairman of Cotton Textiles Export Promotion Council Sunil Patwari said the new amnesty scheme for one-time settlement of defaults in export obligation by Advance and EPCG authorisation holders would benefit the exporters.

He added that revising the export performance threshold would ensure higher recognition and brand image for the “Status Holders”. 

Patwari urged the government to enhance the time to avail of pre and post shipment credit to exporters, remove import duty on raw cotton, and re-instate Interest Equalisation Scheme to original levels of 3 per cent for 410 items. (KNN Bureau)