Indian apparel bodies Apparel Exporters Promotion Council (AEPC) and Tirupur Exporter’s Association (TEA) have welcomed the extension of Merchandise Exports from India Scheme (MEIS) for garments and made ups beyond June 2018 by the Ministry of Commerce and Industry.
“The extension of the scheme has come as a breather at the time when the industry is reeling through a tough period,” stated AEPC Chairman HKL Magu.
The extension will help industry to restore the competitiveness of exports and increase its share in the world market.
TEA President Raja M Shanmugham also termed the extension as a major relief to the exporting units.
Notably, MEIS was introduced by the Government of India under the Foreign Trade Policy (FTP) 2015-20, effective April 1, 2015. It seeks to promote export of notified goods manufactured/ produced in the country.
Apparel exports from India gained a 4 per cent MEIS benefit from November 2017 and it was then announced that the scheme would be valid till June 30, 2018, only.
The Indian apparel export industry has been facing a tough time since months. Its exports in the month of April 2018 too plunged by 22.76 per cent to US $ 1.34 billion.
In such a scenario, the extension of the scheme will bolster the confidence of exporters.
