Confederation of Indian Textile Industry (CITI) has welcomed the restoration of export benefits under Incremental Export Incentivisation Scheme (IEIS) vide Notification No.66 (RE-2013)/2009-2014 dated 23rd January 2014, on cotton yarn.
In a statement issued here, Shri Prem Malik, Chairman, CITI stated that withdrawal of the benefits of IEIS had dampened the enthusiasm of cotton yarn exporters and the restoration of these benefits will reflect in the export performance during the remaining part of the year.
He thanked Shri Anand Sharma, Minister of Commerce and Dr. K. Sambasiva Rao, Minister of Textiles, for considering the presentations made by CITI for restoration of these benefits and taking a positive decision.
Shri Prem Malik, also welcomed the upward revision of duty drawback rates on some of the textile products in the drawback schedule announced by the Ministry of Finance on 21st January 2014.
He thanked Minister of Commerce and Industry and Minister of Textiles for the active role that they played in getting the drawback rates revised. Chairman stated that these two positive measures would go a long way in achieving the ambitious target of US$ 43 billion fixed by the government for export of textile products during the current fiscal year.
Shri Prem Malik requested the government to restore the benefits of Focus Market Scheme (FMS) on cotton yarn exports which had also been withdrawn by the government in September 2013 along with the benefits of IEIS.
He pointed out that concerted efforts were being made by the industry to penetrate new markets, especially in South America and Africa, on the strength of FMS and restoration of these benefits would encourage such efforts and help the industry to meet the high logistics costs in export of cotton yarn to these regions.