India : $16 Billion Export Target Set For 2003-04

The textile minister Kashiram Rana said that export target of $16 billion has been set for 2003-04 which is $1 billion up from the last year’s $15 billion target.

“During 2003-04 exports were 13.8 billion, marginally falling short of the target of $15 billion”. During 2001-02, exports amounted to $10.7 billion. said Rana.

Rana welcomed exemptions announced by Jaswant Singh while replying to the debate on Finance Bill in the Lok Sabha, Mr Rana said the production in the handloom sector up to Rs 20 lakh had been exempt from excise duty which, however, would become payable if the value was above Rs 20 lakh and up to Rs 25 lakh. But they would be eligible for Modvat relief. With this concession, all the powerloom units had restarted their operations.

Rana said the excise duty payable by cotton hand processors had been halved from 10 per cent to 5 per cent, while that payable by man-made, blended units had been reduced from 10 to 8 per cent. He said the finance minister had given strict instructions to the field formations (commissioners) that no inspectors should visit powerloom/garment units. The introduction of the self-assessment scheme for the powerloom units to declare their production would be sufficient.