The Synthetic and Rayon Textiles Export Promotion Council welcomed the provisions of the annual supplement to the Foreign Trade Policy announced on Friday.
Mr Sanjeev Saran, Chairman, welcomed the extension of duty entitlement of passbook scheme till May 2009 and the 6-per cent interest payment to exporters on delayed refund of terminal excise duty and central sales tax. This would go a long way in getting timely refund to exporters, he said.
He also welcomed the extension of interest subvention on export finance by one year.
Customs duties cut
The reduction in customs duties from 5 per cent to 3 per cent payable under the EPCG (export promotion capital goods) scheme and the move to allow exports made towards fulfilment of export obligation under EPCG scheme to be eligible for incentives under promotional schemes, were also positive, he said.
He added that these might go a long way in helping exporters take advantage of the scheme for modernisation of the textile industry.
The inclusion of countries such as Albania, Djibouti, Sudan, Ghana and Colombia under the Focus Market Scheme would help in increasing exports to these countries, he said.
According to him, it was disappointing that no measures were introduced to refund State-level taxes, which for long have been a demand of the exporters. Also, the textile industry would have liked to be included under the Focus Product Scheme, he said.