According to the Handloom Export Promotion Council (HEPC), following are the highlights of Union Budget 2014-15 presented by Finance Minister for the year 2014-15. Features having relevance to the Handloom sector and export sector are given :
- Rs 50 crore is provided to set up a Trade Facilitation Centre and a Crafts Museum to develop and promote handloom products and carry forward the rich tradition of handlooms of Varanasi.
- Sum of Rs 500 crore for developing a Textile mega-cluster at Varanasi and six more at Bareilly, Lucknow, Surat, Kutch, Bhagalpur and Mysore.
- Rs 20 crore to set up a Hastkala Academy for the preservation, revival, and documentation of the handloom/handicraft sector in PPP mode in Delhi.
- Rs 50 crore is provided to start a Pashmina Promotion Programme (P-3) and development of other crafts of Jammu & Kashmir.
- High level committee to interact with trade and industry on regular basis to ascertain areas requiring clarity in tax laws is required to be set up.
- Convergence with International Financial Reporting Standard (IFRS) by Adoption of the new Indian Accounting Standards (2nd AS) by Indian Companies.
Foreign Direct Investment (FDI)
The manufacturing units to be allowed to sell its products through retail including E- commerce platforms.
- Central Government Departments and Ministries to integrate their services with the e- Biz -a single window IT platform- for services on priority by 31 December this year.
- Proposed to establish an Export promotion Mission to bring all stakeholders under one umbrella.
- Duty free entitlement for import of trimmings, embellishments and other specified items increased from 3 percent to 5 percent of the value of their export, for readymade garments.
- 24×7 customs clearance facility extended to 13 more airports in respect of all export goods and to 14 more sea ports in respect of specified import and export goods to facilitate cargo clearance.
- ‘Indian Customs Single Window Project’ to facilitate trade, to be implemented.
- Customs and Central Excise Acts to be amended to expedite the process of disposal of appeals.