CHENNAI, MAR. 11
Trade body Apparel Export Promotion Council (AEPC) today asked the Centre to allow duty free imports of yarn like in cotton.
Observing that the recent increase in cotton and yarn prices have put additional burden on the industry, AEPC Chairman A Sakthivel said in a statement: “Garment is a critical sector in terms of 11.22 million workers employed in this sector”.
“I request government to allow duty-free imports of yarn, as they have allowed for import of cotton for yarn manufacturers,” he said. He further sought exemption from transaction tax and fix the export credit for RMG (ready-made garments) to be 7 per cent, in order to remain competitive.
Stating that India’s apparel exports to the European Union and United States have recorded a shortfall by 14 per cent and two per cent, respectively, he said, “exports to non- traditional markets rose in 2012,” reports PTI.
On India’s exports growing by 4.25 per cent and imports by 2.6 per cent in February, 2013, he said, “To keep the momentum going, it is important that government keeps availability of credit to industry at lower rate”. (Source: Tecoya Trend)