Naming code notification to spur textile exports
The Apparel Export Promotion Council has said that with the government notifying Harmonised System of Nomenclature codes for 207 specific technical textile products, focused strategies can be evolved to promote export of these goods. Council vice-chairman A. Sakthivel said in a press release that the Union Ministry of Textiles has notified HSN codes for 207 technical textile products that were so far traded as traditional textile items.With this development, there can be product-specific incentives for these. Many technical textile goods are high-value products or inputs for high-value garments. “I see this as an important opportunity to diversify our export basket with better value creation,” he said. India’s annual exports of the 207 products is currently $1700 million. The demand for these is good in the global market and the margins are also high.
Apparel exports grew 20 % in the third quarter of 2018-2019 and with the notification of HSN codes for technical textiles, exporters can look at more avenues to increase their global business, he said.
