Textiles expects target fixed at US$ 47.29 billion in 2018-19
The exports of textiles item has increased to US$ 35.67 billion in 2017-18. Government has fixed export targets for textile and apparel including handicrafts for 2018-19 at US$ 47.29 billion.
Government is aware about global demand for textiles and apparel from India. To enhance exports of textile and apparel products, Government has announced the Special Package for garments and made-ups sectors. The package offers enhanced duty drawback coverage under Rebate of State Levies (RoSL) Scheme, labour law reforms, additional incentives under ATUFS, and relaxation of Section 80JJAA of Income Tax Act.
The rates under Merchandise Exports from India Scheme (MEIS) have been enhanced from 2% to 4% for apparel, 5% to 7% for made-ups, handloom and handicrafts w.e.f. 1 November 2017.
Products like fibre, yarn and fabric in the textile value chain are being strengthened and made competitive through various schemes, like Powertex for fabric segment, Amended Technology Upgradation Fund Scheme (ATUFS) for all segments except spinning and Scheme for Integrated Textile Parks (SITP) for all segments.
Assistance is provided to exporters under Market Access Initiative (MAI) Scheme. Further, Government has enhanced interest equalization rate for pre and post shipment credit for certain textile sectors from 3% to 5% from 2 November 2018.