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The Textile Magazine
OctoBER 2011
Fresh sops to help textile
sector revival announced
industry news
Announcing the incentives, the
Minister said: “We adopted a multi-
pronged strategy by providing a sta-
ble policy regime, adopting a con-
scious market diversifcation plan
and providing additional support to
sectors hit badly by the global reces-
sion. We encouraged technological
upgradation of export sectors, and
undertook simplifcation of proce-
dures to reduce transaction costs.
We decided to consolidate our tra-
ditionally strong sectors of economy
while focussing on sunrise sectors
as well”.
Addressing
to the needs
of
textiles
industry, he
stated: “As
the Textiles
Minister, I
have also to
ensure that
the commer-
cial interests
of textile ex-
porters are
part icularly
p r o t e c t e d ,
and my sev-
eral discus-
sions with
the textile in-
dustry high-
lighted that
there is serious concern over exports
to the US and EU. I have decided
to extend the market-linked focus
product scheme (MLFPS) for ex-
ports under Chapter 61 and 62 and
2% duty credit will be available to
them for exports made to the US
and EU from 1st April 2011 to 31st
March 2012”.
Mr. Sharma announced subven-
tion of 2% on rupee export credit,
which has been extended till March
31, 2012, for handlooms, handi-
crafts, carpets and all small and me-
Mr. Anand Sharma,
Union Minister for
Textiles, has announced
various incentives for
the textiles sector. The
sector is reeling under
economic uncertainty at
the global level and pulls
and pressure at the do-
mestic level.
Mr. Anand Sharma,
Union Minister for Textiles