By Our Staff Reporter MUMBAI, FEB.19.
The import of special fabric at concessional rate of duty is essential to provide a competing edge to Indian garment exporting community like their competing countries. The fabric import issue has already been taken up with finance ministry and has been discussed with Revenue Secretary and it is under the consideration of the ministry, informed Mr. S.R. Rao, Commerce Secretary during this maiden visit to Tirupur on Sunday.
The above revelation of Commerce Secretary was in response to the request of Dr. A. Sakthivel, President, Tirupur Exporters Association while seeking Mr. Rao’s help for permitting import of synthetic / Blended / speciality cotton fabrics at concessional rate of customs duty at 5%, which can be compensated to the garment exporters by granting drawback rate at the time of exporting value added garments.
Regarding a separate chapter for exports, Mr. Rao said the subject was already taken up with RBI and they are analyzing the things. While on the suggestion for import of yarn as like import of cotton duty free, Mr. Rao felt a business model could be planned for implementation of the same. He also informed that the FTA agreement with EU would get signed by end of March and things are made good for fruitful agreement. During his maiden visit, Mr.Rao also called at Netaji Apparel park (NAP) and appreciated the facilities available in the park and employment provided to women folk in large number.
Dr. Sakthivel while welcoming Mr. Rao appealed for implementation of GOLD card scheme to exporters by which gold card holders could get diesel duty free oil from oil companies for their factory use for self generation power as the diesel price are being increased every month. At this power crisis situation, if it is announced, this benefit will be useful. TEA President also requested for a special chapter for exporters in the monetary policy so that the exporters would not get affected whenever rates are revised by banks. (Source: Tecoya Trend)