We acknowledge that the going has been tough for cotton & cotton yarn, the above benefits with retrospective effect will definitely give a big boast to the producers and exporters of these basic / industrial raw materials.
Apparel Export Promotion Council (AEPC) handed over a letter to Mr Anand Sharma, Hon. Commerce Minister.
AEPC's chairman Premal Udani in his letter to the Commerce Minister has urged the Ministry to consider the retrospective introduction of
DEPB for cotton/cotton yarn. The letter cites out the importance of allowing DEPB of minimum of 15%, as the sector does immense value addition. As most of the apparel manufacturers use duty drawback route, the letter claims that the sector deserves an incentive in the form of duty drawback. The letter has also emphasized the need of reinstating the 2% market linked focused product (MLFP) scheme for the US and EU markets.
Sensing the current market sentiment, AEPC believes that consideration of their demand from the Commerce Ministry would help the apparel sector in a big way.
Source : indiainfoline.com