The textile and garment industry’s exports were worth US$32 billion last year and they are expected to reach $40 billion this year.
The Commerce Minsitry is considering a recast of export incentives and is expected to roll back the Merchandise Exports from India Scheme (MEIS).
The commerce and industry ministry has floated a cabinet note for the adoption of a new export incentives scheme in order to be in compliance of World Trade Organization (WTO) norms.
The rupee on Wednesday opened 4 paise down at 68.90 against dollar amid heavy selling in domestic equities and rising crude oil prices.
The Indian rupee opened marginally lower at 68.90 per dollar on Wednesday against previous close 68.86.
Goods and Services Tax Network (GSTN) on July 30 released trial version of offline tools of GST forms related to supply of goods and services.