In the last few months, there has been a fall of nearly 18 percent in value of Indian Rupee against US dollar, which has made life easy for a majority of textile and garment exporters of the country, except for those who had hedged their foreign currency incomes in the last few months on expectations of a rising rupee.
The Commerce and Textile ministries had lobbied hard in the last few months to secure export incentives to the textile and garment exporters. But since the fall of the rupee, the two ministries are breathing easy.
The incentives announced earlier and set to expire at end of June have been allowed to lapse and there was no effort on part of both ministries to increase the deadline for the same in face of the changed situation.
The government had earlier announced withdrawal of increase in drawback rates and interest rate subvention of 4 percent from October 1, which otherwise was supposed to be till March 31, 2009. The exporters had raised a huge hue and cry over the announcement.
Fibre2fashion News Desk - India
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