Home / Knowledge / News / Apparel/Garments / Increase interest rate subvention to 4% stresses GEA President
Increase interest rate subvention to 4% stresses GEA President
13
Dec '08
While appreciating extension of 2 per cent interest rate subvention on export credit upto 31st March, 2009, Mr.G.S.Madan, President, GEA stressed the need to further increase the interest rate subvention to 4 per cent and to restore back higher duty drawback rates which were reduced during September, 2008.

He pointed out that the measures announced by the Government are not sufficient for the garment export industry which is very highly labour incentive and fast loosing its viability and profitability.

Mr.Madan pointed out that the Garment Exporters have been recommending 5 per cent hike in the duty drawback rates by increasing the scope and coverage of duty drawback scheme so as to ensure full reimbursement of excise duties, custom duties, service tax, education cess and various state level taxes to give a fillip to the industry and to encourage the exporters to obtain more orders and keep the jobs going and prevent lay-offs.

The Government should also allow duty-free import of garment machinery and machinery for process houses which very badly need upgradation. Mr.Madan pointed out the global economic slowdown and poor business sentiments have reduced the overseas orders and exports.

Mr.Madan also reiterated GEA demand to exempt exporters from Service Tax on all export related services to avoid blockage of capital of exporters, as the procedure for refund is time-consuming, resulting in unnecessary delays and harassment. The package has also not addressed the issues of competitiveness and specific concerns relating to high transaction cost, and labour reforms and an incentive scheme linked with employment generation to reverse the recent downturn in garment exports.

Garments Exporters Association

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