CHENNAI: A ‘Harmonised System’ classification code will soon be implemented for handloom and handloom products exports to facilitate a finer alignment with global trade, Union Minister of State for Commerce Jairam Ramesh said on Thursday.
Addressing a press conference here, Mr. Ramesh said the Finance Ministry was expected to notify a separate HS code for the handloom category in “the next two to three weeks.”
Since 2002-03, when the existing classification code was inexplicably done away with, there was no data on the quantum of handloom exports from India. The Minister said the last available credible data pointed to an export earnings of Rs. 2,600 crore.