| Date: |
16-07-2015 |
| Subject: |
Commerce Ministry extends duty benefits to more handicraft items |
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NEW DELHI: Commerce Ministry has increased the duty benefits on several products, including 63 handicraft items, in a bid to boost exports.
Besides, there are several other products whose duty benefits have been increased.
The handicrafts products which have been benefited include candles, hand bags/shopping bags of cotton, wooden frames for paintings photographs mirrors or similar objects, handmade paper and shawl, scarves, muffler of man-made fibres.
"The rates of the 63 lines (of handicraft sector) are amended...under the Merchandise Exports from India Scheme (MEIS)," the Director General of Foreign Trade has said.
Meanwhile, exporters body FIEO said few European countries, including Norway, who were earlier on group C list have now been put in group A list.
In group A list, the government gives up to 5 per cent duty benefits and more products are there.
Export promotion Council for Handicrafts (EPCH) said that in these 63 items the benefit was less and now the DGFT has increased the incentives and also add 30 new handicrafts items.
The Foreign Trade Policy 2015-20 was announced in April with a new scheme -- MEIS -- replacing the Focus Product/Focus Market Scheme.
Under this scheme, duty credit scrip benefit was given on various handicraft items, but several products were not included, EPCH said in a statement.
Handicrafts export grew by 10 per cent to USD 131.5 million in June.
Source : economictimes.indiatimes.com
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