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Tuesday, January 21, 2014

5% duty credit scrip to be provided for the import of specialty fabrics not available in India on actual user basis-Virender Uppal, Chairman AEPC

Proposes to provide more concessions by raising the limit of 5 to 10% and from 10 to 20% for small and medium industries respectively 

“It is indeed heartening to know that garment exports have been sustainably growing at the rate of 15% since the last nine months. Apparel exports have grown at the rate of over 15% during April-December, 2013. The data for the month of December 2013- 14 shows apparel exports was to the tune of USD 1244 million registering an increase of 17.4 per cent against the corresponding month of last financial year. Cumulative export in for April-December 2013-14 has increased by 16.3 per cent over the same period of previous FY and reached to USD 10555”, stated the Union Minister of Textiles Dr. K S Rao, while inaugurating the 4th edition of Tex-Trends India – 2014. 

The minister raised concern on the macroeconomic risks facing the Indian economy which have increased during the last six months, mainly on the dimensions of sliding domestic growth, rising input cost and slowdown in manufacturing and employment generation.
Chairman AEPC Mr. Uppal asked to provide more concessions by raising the limit of 5 to 10% and from 10 to 20% for small and medium industries respectively. Apparel sector alone engages around 11.2 million workers and contributes almost 50% of the entire textiles exports, it has the latent potential to absorb more people, therefore focusing on this sector is extremely important. 

Smt. Chatterji, Secretary Textiles, in her address informed that, “Not only have the traditional market such as USA & EU grown but, the non- traditional markets also have grown during April-September 2013. EU is the top most RMG export destination of India with US $ 2794.1 million, followed by USA where exports from India were to the tune of US$ 1642.5 million, West Asia is the third largest regional apparel export destination of India with US$ 1270.8 million, India's exports to Africa were to the tune of US $ 311.3 million. It is important for us to understand the opportunities available and its importance to fulfill our needs which can help us realize the true potential of the apparel exports in India.” 

Against a backdrop of worrisome global and domestic macroeconomic developments, Chairman AEPC, pressed for 5% duty credit scrip for the import of specialty fabrics not available in India on actual user basis. And, separate chapter for exports in the banking sector for availability of easy credit to industry. These two demands have tremendous potential to boost exports.
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