India Provides Export Incentives For Leather Products
To help exporters tide over the downturn in demand in the US and Europe, India intends to Leatherwear Products, handicrafts, carpets and some engineering equipment provide new export stimulation policies. Earlier, the export expansion policy introduced during the financial crisis expired in March 31st this year.
According to reports, Sharma, Minister of Commerce and industry in India, is expected to announce a new policy of encouraging exports in the August 23rd Annual Review Conference on foreign trade policies, such as the value of 2% of the export tax value for specific commodities sold to specific areas.
But the Ministry of Commerce has not yet done so.
Spin
Whether the industry applies to the new policy decides that the support of the industry will take up a lot of government resources because of the huge export volume of the textile industry.
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.
Transaction costs account for 7% of the total cost of exporters, according to a study by the India Federation of export organizations (FIEO). Simplified procedures and cost reduction policies will give exporters an economic gain of $5 billion.
In the first quarter of this year (4-6 months), India's exports increased by 32% to $50 billion 700 million over the same period, but handicrafts,
Leather products
Exports of carpets and other industries are still sluggish.
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