The Cotton Textiles Export Promotion Council
(TEXPROCIL) has termed the mid-term review of
Foreign Trade Policy (FTP) 2015-20 as progressive
and growth-oriented. The revised FTP has increased
MEIS rates across the board by 2% for labour intensive
sectors. Earlier the MEIS rates for garments and made-ups
were increased from 2 to 4%.
The increase in the validity of duty credit scrips issued under the MEIS from 18 months to 24 months will increase the utility of such scrips. With regard to export strategy, TEXPROCIL chairman said it is reassuring that the revised FTP identifies markets in Africa and Latin America to be its new focus areas as part of the Government’s goal of exploring new markets. The revised FTP has introduced a new scheme known as Self Ratification Scheme under which Advance Authorizations will be issued in those cases where there are no SION/valid Adhoc Norms for an export product and where SION has been notified but exporter intends to use additional inputs in the manufacturing process on the basis of selfdeclaration.