As the Union Government unveiled the new foreign trade policy, with a slew of measures to boost exports, textile industries are heaving a sigh of relief. According to industry representatives, the new policy will prepare India for global challenges, by bringing transformative changes.
“Textile and apparel is an important part of the and contributes to about 8-9% of India’s total merchandise exports. Under the new FTP, online approvals without physical interference will reduce the processing time from the current time of as long as one month to just one day and will act as a game changer for this sector,” said T Rajkumar, Chairman, Confederation of Indian Textile Industry (CITI).
Industry players have also welcomed the new provision of rupee payment to be accepted under the FTP scheme as an effective step to internationalisation of the rupee and will help India’s textile trade.
“The inclusion of four new Districts of export excellence for apparel and handicrafts products will surely enhance the export potential of these clusters which have proven competitiveness in the manufacturing of these products,” he added.
The extension of the Special Advance Authorisation Scheme which is extended to the export of the Apparel & Clothing Sector on a self-declaration basis was a long-awaited facilitation measure and will surely facilitate prompt execution of export orders.
