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More support measures to stay competitive - Chairman, SRTEPC

08
Dec '08
Mr Saran, Chairman, SRTEPC
Shri Sanjeev Saran, Chairman of The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) while appreciating the fiscal stimulus package announced by the Government to revive the economy especially the textile export sector; pointed out that the package is not sufficient enough to combat the absolutely adverse global economic situation.

The SRTEPC Chairman said that to sustain the competitiveness of the textile sector especially of synthetic textiles the Drawback rates which were reduced in September should be immediately restored to its earlier rates. He also requested the Government to restore the earlier DEPB rates which were reduced recently.

Shri Saran was of the view that the existing interest subvention of 2% is not sufficient and should be increased to at least 4% to give some relief to the exporters. In this context, he pointed out that China has recently increased its export incentives to support the textile sector from 9% to 13% which has subsequently been increased to 14% from 1st November 2008 in view of the slowdown in major markets.

China being one of the main competitors of India in the textile field we have to take this also into account while deciding on the support measures to maintain competitiveness of the exporters, he added.

The SRTEPC Chairman welcomed the move to give extra funds of Rs.350 crores for developmental activities including the Market Development Assistance and requested that the Ministry of Commerce should draw up a plan of action and allocate the funds under MDA for promotional activities in consultation with the Export Promotion Councils.

Synthetic & Rayon Textiles Export Promotion Council


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