Covering cotton yarn under MEIS will help boost India’s exports: CITI
Textile Industry body CITI Monday appealed to the Centre to include cotton yarn under Merchandise Exports from India Scheme (MEIS), to help boost India’s exports and penetrate new markets.
The Confederation of Indian Textile Industry (CITI) noted that cotton yarn and fabric shipments are struggling because of the duty disadvantage faced by the Indian exporters in major markets and asked the Government to enhance MEIS rate for fabric from 2 per cent to 4 per cent.
According to CITI, there has been continuous decline in exports of cotton yarn and fabric in recent years.
India’s exports of cotton yarn declined by 25 per cent from USD 4,570 million in 2013-14 to USD 3,443 million in 2017-18. In the same period fabric exports declined by 7 per cent from USD 4,941 million to USD 4,598 million, CITI said in a statement.
CITI Chairman Sanjay Jain requested the Government to cover cotton yarn under MEIS to help boost India’s exports and penetrate new markets especially in Africa, while enabling the farmers get a better price for raw cotton.