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


Must ReadView All

Apparel/Garments | On 22nd Sep 2017

Govt announces new duty drawback rates for garments

The Government of India has today announced the new duty drawback...

Courtesy: ITMA

Textiles | On 22nd Sep 2017

ITMA 2019 to focus on smart garment technologies

ITMA 2019, the world's largest textile and garment technology...

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...

Interviews View All

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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