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Related Keywords: as per World Trade Organisation rules, Centre is exploring certain grey areas, crosses USD one thousand threshold, DGFT, foreign trade policy, GNI, India to cross low income threshold this year, members per capita gross national income, no longer eligible to give export subsidies, third consecutive year, Trade Policy Division

With India to cross the low-income threshold this year as per World Trade Organisation (WTO) rules which states that when a member’s per capita gross national income (GNI) crosses the $1,000 threshold for the third consecutive year, it is no longer eligible to give export subsidies.

But what is unclear is whether India will be entitled to an eight-year phase out period that is allowed under certain conditions. If there exists such a possibility, they may very well demand it, a government official said.

Related Keywords: deadline for ending direct subsidies, export incentive to any sector, export subsidy regime, foreign trade policy, global market, including textiles, India, per capita gross national income, phase out all export incentives, set to cross USD thousand, textile companies, three consecutive years, World Trade Organization rules bar

India may face the larger challenge of completely phasing out all export incentives with its per capita gross national income (GNI) set to cross $1,000 for three consecutive years, after which India may soon have to phase out its export subsidy regime in the current form as World Trade Organization (WTO) rules bar it from offering export incentives to any sector, including textiles, when it reaches certain thresholds that it is nearing. The deadline for ending direct subsidies to textile companies is December 2018.

Related Keywords: Commerce Ministry, foreign trade policy, imported from China costlier, incentive to remain competitive, raw silk, Silk Association of India, Silk fabric exporters, withdrawal of export incentives

Silk fabric exporters are looking for incentives for the industry to remain competitive as raw silk, which is imported from China, was becoming costlier. They are planning to meet commerce ministry officials in New Delhi to discussion about the withdrawal of export incentives under the Foreign Trade Policy 2015-20.

Under the previous Exim policy (2009-14), exporters could get a 5 percent incentive on woven silk fabrics, which was applicable on exports to all countries, members of the Silk Association of India today said .

Related Keywords: cover scheme to spinning mills sector too, extension of interest subvention scheme, foreign trade policy, meeting with Union Minister, registering loss, spinning sector facing tough period, Texpreneurs Forum, with the Ebitda

Members of the Texpreneurs Forum on Wednesday held a meeting with the Union Ministers, and officials seeking extension of the interest subvention scheme to entire textile sector.

Prabhu Damodaran, secretary of the Forum, who led the delegation briefed the Ministers and officials about the need to give the coverage of the scheme to spinning mills sector too,

Related Keywords: fabric and garment in China, failed to address, foreign trade policy, framework for increasing exports, generation employment, goods and services, increase value addition, Make in India vision, Minister of state for commerce and Industry, Nirmala Sitharaman, specific issues on textile sector, spinning sector, yarn, zero acces entry

The Foreign Trade Policy (FTP) 2015-2020 which was undraped by Minister of State for Commerce & Industry Nirmala Sitharaman on 2nd April ,2015 provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, in keeping with the Make in India vision of Prime Minister.

The local chapter of Indian Chamber of Commerce and Industry, welcomed the policy saying, it has bold initiatives and aims to achieve a compound annual growth rate of 11.5 per cent so as to increase the Merchandise and Services Exports.

Related Keywords: Confederation of Indian Textile Industry, Cotton Textiles Export Promotion Council, foreign trade policy, ignored cotton yarn sector, Indian textile industry, not address sector specific issue, on FTA, proposal to focus, second largest employment provider, SIMA, tariff reduction, Textile exporters, Textile mills

Textile industry is the second largest employment provider in the country and whose contribution to the country’s growth has been well recognized. But in terms of strengthening the manufacturing base, promoting exports and generating employment, has not got its dues in the Foreign Trade Policy. Textile mills have expressed disappointment over the foreign trade policy announcement as it does not address some of the sector-specific issues. While, Textile exporters feel let down by the new foreign trade policy (FTP), which they said has ignored the cotton yarn sector

Related Keywords: Agriculture Infrastructure Incentive Scrip, focus market scheme, Focus Product Scheme, foreign trade policy, Indian textile industry, Market Linked Focus Product Scheme, MEIS, Merchandise Exports from India Scheme, textile exports, VKGUY

The NDA government’s new Foreign Trade Policy (FTP) 2015-20 was unveiled here on 1 April, focusing on supporting both the manufacturing and services sectors, with a special emphasis on improving the ‘ease of doing business’. The five-year FTP provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, in keeping with the “Make in India” vision of Prime Minister Narendra Modi.

Related Keywords: attained export competitiveness, Directorate general of Foreign Trade, export subsidies, FIEO, foreign trade policy, Indian textile sector, phase out, textile share in world trade, WTO, WTO norms

As India attained export competitiveness in the textile sector in 2008-09 and as per the threshold set by the World Trade Organization (WTO), it has to phase out the export subsidies provided to the sector by 2018.

The Directorate General of Foreign Trade (DGFT) department has prepared made a case in writing to the department of revenue asking it to not provide incentive to the textile sector in upcoming foreign trade policy (FTP) which is likely to be announced next month, as India has reached the export competitiveness in the sector.