Southern India Mills' Association today thanked the Central Government for announcing Interest Equalisation Scheme by extending three per cent interest subvention for all fabrics and made-ups under this.
"The measure is the strong foundation for enabling to become a global leader and a right step to achieve the vision of prime minister 'Make In India'," SIMA Deputy Chairman, P Nataraj said in a statement here.
Many international studies have revealed that India has the potential to reach a business size of over USD 300 billion by 2020 and create new jobs for over 100 million, if a level playing field is created in the globalized environment by making all the inputs including raw material available on par with international prices and the Free Trade Agreements (FTA) are concluded with various Nations, Nataraj said..
The inclusion of fabrics and large number of countries under two per cent MEIS (Merchandise Export from India Scheme) export incentive scheme, enhanced duty drawback rates for value added products, particularly garments and yesterday's approval of three per cent benefit under Interest Equalization Scheme would enable the Indian textiles and clothing industry to enhance its competitiveness in the international market, he said.
