India Intends To Implement New Export Stimulus Policies For Leather Goods

2010/8/17 10:22:00 36

To help

Export enterprises

Through the difficulties of declining demand in Europe and the United States, India intends to provide new export incentives for leather products, handicrafts, carpets and some engineering equipment.

Earlier, the export expansion policy introduced during the financial crisis expired in March 31st this year.

Reported that Sharma, Minister of Commerce and industry in India is expected to be in August 23rd.

Foreign trade policy

The annual review conference announced new policies to encourage exports, such as the value of 2% of the export tax value for specific commodities sold to specific areas.

However, the Ministry of Commerce and industry has not yet made a decision on whether the textile industry will apply the new policy. Because of the huge export volume of the textile industry, the industry will take up a lot of government resources.

The report pointed out that the new policy will further simplify export procedures and allow more exporters to implement "self verification" (self-certification).

At present, only large exporters in some industries allow themselves to verify their exports without having to accept the certification of customs officials.

According to a study by the India Federation of export organizations (FIEO), paction costs account for

Exporter

7% of the total cost, simplified procedures and cost reduction policies will give exporters an economic gain of US $5 billion.

In the first quarter of this year (4-6 months), India's exports increased by 32% to 50 billion 700 million US dollars over the same period, but exports of handicrafts, leather products and carpets remained low.