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23 Apr 2024, Edition - 3206, Tuesday

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Coimbatore

Coimbatore spinners welcome MEIS amendment

Covai Post Network

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The Indian Texpreneurs Federation (ITF), an association of Coimbatore-based spinners, has welcomed the Ministry of Commerce’s decision amendments of the Merchandise Exports from India Scheme (MEIS). It said that the move will help ease the pressure and boost exports.

Prabhu Damodaran, the secretary of ITF, said that following the amendment, all kinds of textile fabrics, including cotton fabrics, blended fabrics and manmade fibre-based fabrics, now qualify for a two percent MEIS benefit for all categories of countries.

Stating that the textile industry was under a particularly bad spell for the past six months, Damodaran thanked the Union Commerce Minister Nirmala Seetharaman and urged the spinning industry to climb up the value chain and come up with more fabrics to capture the world market.

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