In the wake of the hardening of the domestic currency and intense competition in international market, Mr. Dhoot said, “government should put in place a mechanism to reimburse the non-cenvatable transaction costs and levies borne by the textile exporters which was in the range of 12% of `FOB' value of exports.
Easing the interest rates on export credit, premium for export insurances, speeding up the clearance of excise duty and central sales tax reimbursement would not only cushion the losses of textile importers but would provide boost to the exporters.
As India's textile and garments exports are highly in the region of America and European Union, government should incentivize the textile exporters to track down unexplored markets with high growth potential to establish strong foreign trade in these areas in long term.
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Associated Chambers of Commerce and Industry of India
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