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

Textiles minister Smriti Irani lighting the lamp to inaugurate the 6th edition of the International Apparel and Textile Fair ‘VASTRA 2017’, in Jaipur. Courtesy: PIB

Textiles | On 22nd Sep 2017

Placement rate in textiles sector is 70%: Indian minister

The recent high growth of foreign direct investment (FDI) in the...

Apparel/Garments | On 22nd Sep 2017

New US FTC rule for RN used on textile product labels

The US Federal Trade Commission recently streamlined requirements...

Textiles | On 22nd Sep 2017

Messe Frankfurt acquires Source Africa, ATF textile shows

Messe Frankfurt, one of the world´s leading trade show organisers,...

Interviews View All

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search