Mid-term FTP review hailed

“The mid-term review of FTP is progressive, growth-oriented and I am glad the government has recognised the urgent need to address the challenges being faced by the exporters on account of the  GST  roll-out by focusing on reducing procedural burden,” the Cotton Textiles Export Promotion Council (Texprocil) chairman Ujwal Lahoti said. The revised FTP has increased MEIS rates across the board by two per cent for labour intensive sectors. Earlier, the MEIS rates for garments and madeups were increased from two per cent to four per cent. The enhanced MEIS rates will provide the much needed relief to exporters and will certainly have a positive impact on the overall exports especially of textile products, Lahoti said. 

He also said the increase in the validity of duty credit scrips issued under the MEIS from 18 months to 24 months will increase the utility of such scrips. 

On strategy, the Lahoti  said it is reassuring that the revised FTP identifies markets in Africa and Latin America to be its new focus areas as part of the Centre’s goal to explore new markets.