The Central Government has assigned the task of export promotion of technical textiles to the Synthetic & Rayon Textiles Promotion Council (SRTEPC). Expressing his sincere thanks to Hon’ble Prime Minister, Narendra Modiji, Hon’ble Union Minister of Commerce & Industry, Textiles, Consumer Affairs, Food & Public Distribution, Mr Piyush Goyal, Minister of State for Textiles, Ms Darshana Jardosh and senior officials in the Ministry of Textiles, Mr.Dhiraj Raichand Shah, Chairman of the SRTEPC, assured that the Council will make its best efforts to promote exports of technical textiles and provide all kinds of assistance and guidance to the exporters.
Mr Shah says that after registering growth in exports of MMF textiles in 2021-22, it is a matter of concern that exports in the first four months of the current financial year i.e April- July have declined by 7.3%. This decline is mainly due to slowing global demand and energy crisis in major export destinations like EU, Bangladesh etc. Exports of MMF textiles will witness growth during October to March 2023, Mr. Shah states in a note to the council members.
Mr. Shah disclosed that a Meeting of the Board of Trade was held in Delhi on September 13, 2022 under the Chairmanship of Mr. Piyush Goyal. Mr Shah has suggested for the extension of the EPCG Scheme in the forthcoming new Foreign Trade Policy, to cover Man Made Fibres and Yarns under the Interest Equalization Scheme and to enlarge the scope of Duty Credit scrips issued under the RoDTEP and RoSCTL Schemes by allowing payments of IGST against such scrips in addition to the Basic Customs Duty on exports. A detailed Note consisting of other suggestions was also submitted to the Ministry, Mr. Shah notes.
The Ministry of Textiles is considering to introduce second edition of the PLI scheme (PLI 2.0) which is likely to cover home textiles such as blankets and bedspreads and textile accessories like lace, button and zippers. The scheme will attract investments and reduce import dependence in the textile sector. On the policy front, DGFT has extended the last date till September 09.2022 for uploading of e-BRCs related to RoSCTL scrips for shipping bills filed up to December 31, 2020. The Department of Revenue has also deleted the condition of recovery from the “transferee” of E-scrips issued under the RODTEP and RoSCTL schemes, in case of non-realization of export payments against the relevant shipping bills. Mr. Shah states that this has come as a huge relief to the exporters. With regard to RBI’s Circular to allow payments against Exports and Imports trade in Indian rupees, he has urged the Government to clarify as to whether exports benefits under the Foreign Trade Policy will be available on exports against Rupee payments.
