Home / Knowledge / News / Textiles / SRTEPC urges Govt to revise rates upward to arrest decline in exports
SRTEPC urges Govt to revise rates upward to arrest decline in exports
27
Sep '10
The sharp reduction in the rates of Duty Drawback announced recently has come as a rude shock to exporters of man-made fibre textiles said Shri Ganesh Kumar Gupta, Chairman, The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) while addressing the Annual General Meeting in Mumbai on 27th September 2010 and urged the Government to revise the rates upward to arrest the decline in exports during the current financial year.

Shri Gupta added that the exporters were in fact expecting an increase in drawback rates in view of the hike in excise duty from 8% to 10% and the imposition of 5% Customs Duty on crude oil.

He also pointed out that for the first time in recent past exports of man-made fibre textiles have declined by almost 8% in the first four months (April-July) of the current financial year and amounted to only Rs.5071 crores.

According to Shri Gupta exports of Indian synthetic and rayon textiles had touched an all-time high of Rs.16,861 crores during 2009-10 registering a growth of nearly 7% compared to the previous year despite adverse global economic conditions, unprecedented competition from big players in the international markets, shrinking demand, high cost of inputs, etc.

The SRTEPC Chairman was of the view that there is immense potential for the Indian man-made textile sector globally and hence the vision of the Council is to capture over 4% (US$ 6.2 billion) by the year 2015 in the world man-made textile trade which is estimated to touch around US$ 155 billion by 2015.

Shri Gupta said that it has been the endeavour of the Council to give exports a boost by organizing promotional activities in many of the potential markets. The Council organized exclusive Indian Textile Exhibitions in countries such as Vietnam, Saudi Arabia, Czech Republic, Poland, Morocco, Tunisia, Argentina, Brazil, etc. which have tremendous demand for our products, he said.

Shri Gupta further informed that for the current year 2010-11 also the Council has identified markets such as UAE, Egypt, Kenya, Tanzania, Syria, Jordan, Australia, Fiji, Peru, Vietnam, Brazil, Argentina, etc. for holding exclusive Indian Textile Exhibitions. These promotional events would, he believed, give exports of man-made fibre textiles a further impetus and thus help in achieving the target of US$ 3.5 billion fixed for the year.

He also said that for the first time in recent years, the Council organized a Reverse Buyer Seller Meet- “Source India” on 28th & 29th January 2010 in Mumbai which attracted a large number of buyers from Middle East and Africa and resulted in substantial business orders.

Dwelling on the policy measures adopted by the Government, the SRTEPC Chairman said that the Annual Supplement 2010-11 to the Foreign Trade Policy has extended the DEPB Scheme beyond December 31, 2010 till June 30, 2011 which he felt was a positive step as the exporters operating under this most popular scheme can now take a long term perspective while negotiating export orders. He also welcomed the duty free import of specified trimmings, embellishments @ 3% on exports of polyester made-ups and hoped that it should be extended to all types of synthetic made-ups.


Must ReadView All

Courtesy: BekaertDeslee

Textiles | On 23rd Oct 2017

BekaertDeslee to expand North American facility

BekaertDeslee, one of the largest manufacturer of mattress textiles...

Courtesy: A&E

Textiles | On 23rd Oct 2017

A&E unveils Magic using Repreve sewing thread

American & Efird (A&E), a leading developer of industrial and...

Courtesy: Messe Frankfurt

Textiles | On 23rd Oct 2017

Over 4,000 exhibitors attend Intertextile Shanghai 2017

Another successful Intertextile Shanghai Apparel Fabrics has wrapped...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Top executives
Textile industry, India

The event should be organised every year

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Ashok Desai
Bombay Textile Research Association

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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

October 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
77.1%
No
12.9%
Skip
10.0%

Total Votes: 70

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
61.4%
No
28.6%
Skip
10.0%

Total Votes: 70

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
85.7%
No
10.0%
Skip
4.3%

Total Votes: 70

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
75.7%
No
11.4%
Skip
12.9%

Total Votes: 70


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