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

Nigeria's ABP scheme targets 1 lakh cotton farmers in 2019

Textiles | On 21st Mar 2019

Nigeria's ABP scheme targets 1 lakh cotton farmers in 2019

The Central Bank of Nigeria’s (CBN) Anchor Borrowers Programme (ABP)...

Pic: CorePower Yoga

Apparel/Garments | On 21st Mar 2019

TSG Consumer Partners takes over CorePower Yoga

TSG Consumer Partners, a leading private equity firm focused...

Pic: Showcase USA

Apparel/Garments | On 21st Mar 2019

Showcase USA store helps in cross-border e-commerce sales

Leveraging the backbone of ABC Depot Logistics, the exclusive 3PL and ...

Interviews View All

Mandeep Nagi, Shades of India

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Dinaz Madhukar, DLF Emporio and DLF Promenade

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Milind Khandwe, Hindoostan Innovation Centre

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

C Dhandayuthapani,

C Dhandayuthapani

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

Harsh Shah,

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Harmeet Singh,

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Eric Scholler, Groz-Beckert

Eric Scholler
Groz-Beckert

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

Isabel Herranz, European School of Business & innovation

Isabel Herranz
European School of Business & innovation

Cutting-edge ideas like the Internet of Things and artificial intelligence ...

S Ziya Gumuser, Teknomelt

S Ziya Gumuser
Teknomelt

Turkish nonwoven manufacturer Teknomelt has been around for only seven...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Bani Batra,

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

Leave your Comments


March 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search