The Government’s decision to withdraw the Merchandise Exports from India Scheme (MEIS) with retrospective effect is likely to erode profit margins of textile players. It will also impact exports and fresh investment in the sector.
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Textile industry plays a significant role in the economy contributing to over 13 per cent of the industrial output, over 2 per cent to the GDP of India.
Ashwin Chandran, Chairman, The Southern India Mills’ Association (SIMA) has thanked the Duty Drawback Committee and the Government for considering the inputs given by the textiles and clothing industry and enhancing the rates marginally across the value chain.
The government encourages exports by refunding various taxes and levies so as to make all the exporting commodities remain competitive in the globalised environment.
The Government’s decision to withdraw the Merchandise Exports from India Scheme (MEIS) with retrospective effect is likely to erode profit margins of textile players. It will also impact exports and fresh investment in the sector.
The textile industry has expressed shock and anguish over the withdrawal of four per cent incentive given under the Merchandise Export Incentive Scheme (MEIS) on made-ups and garments, with retrospective effect from March 7, 2019.
The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) is one of the oldest Export Promotion Councils in India. The council has played a transforming role over the years, inculcating export culture and promoting exports of Indian man-made fibre (MMF) and textiles.