Confederation of Indian Textile Industry (CITI) has welcomed the decision of the government to restore the Duty Credit Scrip benefit of 2% under the Market Linked Focus Product Scheme on export of Apparel to the US and EU.
In a statement Shri Shishir Jaipuria, Chairman, CITI, said that this move would help Indian garment exporters in their efforts to recapture the import shares they have lost in these markets because of the global economic slowdown.
CITI Chairman said that exports of Indian apparel exporters, especially the SME units to the US and EU markets suffered during the recession period on account of stiff competition from Vietnam and Bangladesh and to some extent China. Shri Shishir Jaipuria added that our garment industry had serious pressure from the decline in imports by Western countries, since a whopping 60 percent of our garment exports go to these markets. The restoration of the incentive will help the industry to improve its market shares in the US and EU and will also encourage them, by improving their comfort level, to diversify into the other potential world markets.
He observed that similar incentive needs to be extended also to the home textile industry, which is similarly placed in terms of the level of value addition and has also lost import shares in the Western markets.
Confederation of Indian Textile Industry (CITI)
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