SRTEPC applauds the Union Budget 2021-22 as visionary and growth oriented
The Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman tabled the first ever digital Union Budget 2021-22 in Parliament today.
Welcoming the Union Budget 2021-22, Shri Ronak Rughani, Chairman SRTEPC stated that the Union Budget 2021-22 is a Visionary and growth oriented budget especially in view of severe impact of COVID – 19 pandemic. Shri Ronak Rughani congratulated Hon’ble Prime Minister Shri Narendra Modi, Hon’ble Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman, Hon’ble Union Textile Minister Smt. Smriti Zubin Irani and Hon’ble Commerce and Industry Minister Shri Piyush Goyal for taking care of the textile sector with encouraging initiatives.
Shri Ronak Rughani, Chairman SRTEPC informed that on workers and labourer reforms the Union Budget 2021-22 has announced a milestone step by allowing women in all categories and also in the night-shifts with adequate protection. This historic reforms in the labour reforms by allowing women to work in the night-shifts will tremendously help the textile industry especially the value added segments in textiles like embroidery, weaving, etc. Shri Ronak Rughani, added.
SRTEPC Head applauded and welcomed the Budget announcement regarding hike in capital expenditure to Rs. 5.45 lakhs in Financial year 2022 from revised estimate of Rs. 4.39 lakh in Financial Year 2021.
He also mentioned that the focus and priority given on the export infrastructure in the budget such as Railways, ports, highways, etc. are the need of the hour for the country to achieve the objectives of Aatma Nirbharbharat.
Dated: 1st Feb 2021
The Apex Manmade Fibre Textile Council appeals to the Government to restore and continue the MEIS till RoDTEP Scheme is implemented
The Office Memorandum issued by the Department of Commerce, Ministry of Commerce and Industrydtd. 27.07.2020, informed that since allocated funds at this stage for MEIS for FY2020-21 (up to December) stand at Rs 9,000 crore and any additional allocation has not been conveyed by the DoR (department of revenue), the online MEIS module has been blocked on July 23, from accepting new application for shipping bills with LEO dated April 1 onwards to limit the issuance of any more scrips. The said OM also conveyed that MEIS scrips worth Rs 422.4 crore have already been issued to exporters for shipping bills with the “let export order” (LEO) since April 1.
Shri Ronak Rughani, Chairman, SRTEPC said that the sudden blockage of the online module to apply for MEIS on 23rdJuly is a shock for the exporters and it is a discouraging message in these difficult times of COVID-19 pandemic. He informed that blockage and discontinuation of the incentives under the Merchandise Exports from India Scheme (MEIS) would severely hit exports from the country which have already been bleeding because of COVID – 19 pandemic. He further stated that MEIS was designedby the Government under the FTP 2015-20to provide relief to exporters to offset infrastructural inefficiencies and associated costs. Since currently infrastructural inefficiencies and associated costshave been multiplied due to lockdown, paralysed economic activities, labour shortage, etc. aftermath of the COVID-19 pandemic, the incentives and support of the MEIS have been extremely important. Our exports are already facing fierce price competition globally against exports form China and if the MEIS is also stopped, then the Indian manufacturers& exporters will be completely thrown out. Hence, to cushion the exports, Government should not cap the MEIS benefits. It is urgent and crucial for the Government to restore the MEIS benefits till the RoDTEP is activated, Shri Ronak Rughani added.
With a positive note Shri Ronak Rughaniinformed that the Ministry of Textiles may been observing this issue and Hon’ble Textile Minister Smt. Smriti Zubin Irani will certainly discuss the MEIS issue with the Hon’ble Finance Minister and Hon’ble Commerce Minister to protect the textile industry. Shri Ronak Rughanihas also been positive to receive a favourable order from the Hon’ble Finance Minister on the request made by the Hon’ble Commerce Ministerto reconsider the revenue department’s decision.
MEIS was introduced in the Foreign Trade Policy (FTP) for the period 2015-2020. The MEIS was launched as an incentive scheme for the export of goods. MEIS replaced the various export incentive schemes which gave different types of duty credit scrips namely, Focus Market Scheme (FMS), Focus Product Scheme (FPS), Vishesh Krishi Gramin Udyog Yojana (VKGUY), Market Linked Focus Product Scheme (MLFPS) and Agri Infrastructure incentive scheme. All duty credit scrips issued under the earlier incentive schemes were transferred to the MEIS.The rewards are given by way of duty credit scrips to exporters. The MEIS is notified by the DGFT (Directorate General of Foreign Trade) and implemented by the Ministry of Commerce and Industry.
30th July 2020