COIMBATORE: The Confederation of Indian Textile Industry (CITI) Chairman T Rajkumar said that the new Foreign Trade Policy (FTP) by the central government will help India to be ready for new global and economic challenges.
“Under the guidance of Commerce Minister Piyush Goyal, the exports are going to cross a record $760 billion in the current fiscal year and with the new FTP, the country will surely achieve $2 trillion in exports by 2030. The textile industry plays an important part in the Indian economy and contributes to about 8-9% of India’s total exports. Logistics plays an important role in the industry and the new FTP, online approvals instead of physical interference will reduce the processing time from one month to just one day and will act as a game changer,” he said.
He further said that the new provision of rupee payment to be accepted under the FTP scheme will be an effective step towards the internationalization of the rupee and will help boost India’s textile trade with partners. Rajkumar further said that the extension of the Special Advance Authorization Scheme which is extended to the export of apparel and clothing sector on a self-declaration basis was a long-awaited facilitation measure and will surely facilitate prompt execution of export orders.
“Besides various other initiatives such as reduction in user charges for MSMEs under AA and EPCG, paperless filing of export obligation discharge applications, capacity building at the district level, infrastructure and logistics development intervention, facilitation for e-commerce exports will help in increasing the industry’s demand,” he added.