India Government Announced Plans To Increase Clothing Exports
Recently, the India government announced a new plan, the so-called special attention market plan (SFMS), which aims at maintaining the momentum of India's foreign trade and improving clothing exports.
Anand Charles, Minister of Commerce and industry in India, said the government will provide 4% of Customs credits to exporters under the new SFMS.
For the apparel industry, SFMS includes all products under the sixty-first and sixty-second chapters of the United Nations tariff table (clothing and accessories, knitted or crocheted products).
The effective period of Customs credit is from April 1, 2011 ~2012 to March 31st, which is 2% of FOB's export value.
The plan increases 2% rupee credit interest allowance for Handlooms, handicrafts and carpet exporters, which is expected to consume about 8 billion ~90 rupees in the India Treasury.
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