Home / Knowledge / News / Apparel/Garments / Bangladesh govt releases Tk8.75bn subsidy on RMG exports
Bangladesh govt releases Tk8.75bn subsidy on RMG exports
11
Jul '14
Following a request of readymade garment (RMG) exporters for disbursement of cash subsidy by July 10 to enable them to pay the workers’ salary ahead of Eid-ul-Fitr, the Government of Bangladesh has released an amount of Tk8.75 billion, most of which is for the garment and jute sectors, reports Dhaka Tribune.
 
The amount disbursed by the Ministry of Finance against exports made during the fourth quarter of 2014 includes Tk7.34 billion for RMG and Tk1.37 billion for jute and jute goods.
 
The disbursement of the five percent cash subsidy was made in accordance with the requisition made by Bangladesh Bank based on reports submitted by various commercial banks.
 
For fiscal year 2013-14, the Government has allocated Tk22.14 billion for cash subsidy against exports by garment companies, which has been increased to Tk29.5 billion for fiscal year 2014-15 that began on July 1.
 
Garment exports from Bangladesh increased by 14.83 percent year-on-year to US$ 22.178 billion during the first eleven months of fiscal year 2013-14, as per the data from the Export Promotion Bureau (EPB).
 
To help continuation of the development of the garment industry, the Bangladesh Government has reduced the duty on flex fibre, a raw material used to make the fabrics bright, from 10 percent to 5 percent for fiscal year 2014-15. Likewise, the duty on artificial staple fibre has also been reduced to 3 percent from the earlier 5 percent.
 
For fiscal year 2014-15, the supplementary duty on almost all woven fabrics has been reduced from the earlier 30 percent to 20 percent, on most knitted or crocheted fabrics from 45 percent to 30 percent, on track suits and other garments from 45 percent to 30 percent, and on various clothing accessories form 60 percent to 45 percent.
 
With the presence of more than 5,000 garment factories that together employ nearly 4.2 million workers, Bangladesh is currently the second-largest garment exporter in the world, next only to China.
 

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: Pexels

Fashion | On 23rd Jun 2018

Nigerian bank launches N1 bn fund for fashion entrepreneur

Nigeria’s Bank of Industry has set aside 1 billion Naira (N) to...

Courtesy: Tayal

Textiles | On 23rd Jun 2018

Tayal textile factory in Algeria starts exports to Turkey

Algeria’s largest textile factory, the joint Algerian-Turkish company ...

Courtesy: Manhattan Beachwear

Fashion | On 23rd Jun 2018

Manhattan Beachwear in global partnership with BCBG Group

Manhattan Beachwear, the largest swimwear manufacturer in the US, has ...

Interviews View All

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search