Special help for textiles
27/02/2009
India's commerce minister, Kamal Nath, has announced 26 measures to promote exports, and has lowered the country's export target for 2008-09 to $175 billion, from $200 billion announced in April 2008.
Broadly, the new measures aim to make it easier for manufacturing companies to export their goods and ease cash-flow, for example by making them wait far less time for help that the government has made available under export promotion schemes.
The minister also announced a special package for textiles and leather, two sectors that collectively account for 12% of India's exports and have been hit hard by the global downturn. Together these two sectors will receive an additional $65 million under the Focus Product Scheme, which gives duty credit on imported raw materials for companies exporting to specified countries.
The government is offering textiles and leather special treatment because both industries are labour intensive.
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