>>
Home / Knowledge / News / Textiles / TEXPROCIL Chairman welcomes Economic Stimulus Package

TEXPROCIL Chairman welcomes Economic Stimulus Package

09
Dec '08
Shri V.S.Velayutham, Chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL) has welcomed the much awaited economic stimulus package announced by the Hon'ble Prime Minister, for the economy in general and the export sector in particular.

The package announced incorporates most of the demands made by Texprocil with the government. However, considering the enormous challenges faced by exporters of textile goods from India, industry expects some more measures to be announced in the near future.

An across-the-board cut of 4% in the ad valorem Cenvat rate would give a fillip to the manufacturing sector and enable reduction in the prices.

He has also welcomed the extension of interest rate subvention of 2% on pre and post shipment credit, the additional fund of Rs.1100 cr. for refund of terminal excise duty and additional allocation of Rs.1400 cr. to clear the entire backlog in the TUF Scheme, which would enhance cash flow of the exporters. In this connection, he recalled his recent meeting with the former Finance Minister who had in principle agreed to consider additional allocation for the TUFS fund and the Interest rate subvention.

Mr. Velayutham has also welcomed the refund of service tax on services provided by C&F agents to exporters and also the increase in threshold limit of refund of service tax paid by exporters on foreign commission agent services from 2% of FOB value to 10% of FOB value.

Government's move to provide back-up guarantee to ECGC to the extent of Rs.350 crore will also help the exporters in getting more orders from the buyers in the developed markets such as US and EU, even though the demand in these markets has declined substantially.

Appreciating the government for taking up the cause of medium, small and micro enterprises (MSMEs) sector, he said that various measures announced would definitely support the growth of Indian textile industry which is predominantly in the SME segment.

The decision to permit availment of drawback benefit simultaneously with refund of service tax paid in respect of exports was a long standing demand of the exporting community and Mr. Velayutham appreciated the positive decision taken by the Government in this regard.

While the steps taken by the Government would lead to easing of liquidity/credit needs of the exporters Mr. Velayutham appealed to the Government to consider increase of incidence of duty drawback and DEPB as the industry is eagerly awaiting the announcement in this regard. Pointing out that China, the largest textile exporter is supporting its textile sector in a big way and has already increased export tax rebates from 14% to 17% with effect from 21/11/2008 aimed at reducing the impact of the global economic slowdown, he urged the government to announce the increase in Duty drawback/DEPB as the markets once lost are difficult to recapture.

He also pointed out that the textile industry was looking towards a moratorium on the loans for a period of 2 years which had been obliquely addressed in the growth stimulus package announced by the Reserve Bank of India on 6th December 2008. He requested the Reserve Bank to clarify the matter explicitly so that the textile industry could face the challenges of the economic slowdown.

Cotton Textiles Export Promotion Council


Must ReadView All

Pic: U.S. Senator Kirsten Gillibrand

Textiles | On 17th May 2022

FABRIC Act introduced in US Senate, to protect 100,000 garment workers

Senator Kirsten Gillibrand recently announced the introduction of her ...

Pic: Shutterstock

Textiles | On 17th May 2022

Vietnam & S America working on forming textile supply chain

Vietnam and South American nations are working to form a supply chain ...

Pic: Shutterstock

Textiles | On 17th May 2022

EU's exports of textiles, clothing articles went up by 10.6% in 2021

In 2021, EU exports of textile and clothing articles increased by...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Fabric selection & recommendation based on client's brief

Textile Industry, Head honchos

Textile Industry
Head honchos

Uniform designing is a numbers game

Textile Industry, Head honchos

Textile Industry
Head honchos

Switch was not 100% pandemic related

Aditya Agrawal,

Aditya Agrawal

<div style="text-align: justify;"><font face="Calibri,...

Meghna Kishore & Barkha Bhatnagar Das,

Meghna Kishore & Barkha Bhatnagar Das

Being conscious of living mindfully themselves, two sisters embarked on a...

Liivika Lapp,

Liivika Lapp

Baltika Group, founded in 1928, is the leading fashion brand house in the...

Tonny De Beer, PFNonwovens

Tonny De Beer
PFNonwovens

PFNonwovens (PFN) was established in 2018 by the combination of two...

Shaan Sethi, Jaanuu

Shaan Sethi
Jaanuu

Jaanuu, a vertically integrated e-commerce company, has reimagined the...

Sven Ghyselinck, Devan Chemical

Sven Ghyselinck
Devan Chemical

Headquartered in Belgium and with offices in the United Kingdom, Portugal...

Andre Walker, Label - Andre Walker

Andre Walker
Label - Andre Walker

Andre Walker is a New York-based renowned designer, creative director,...

Prakruti Gupta Rao & Navin Rao, Brand - The Kaftan Company

Prakruti Gupta Rao & Navin Rao
Brand - The Kaftan Company

The Kaftan Company (TKC) is India’s most recognised brand for kaftans,...

Abhishek Bajaj & Samiksha Bajaj, Samshek

Abhishek Bajaj & Samiksha Bajaj
Samshek

Samshek is a fashion forward tech brand which combines digital experience...

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

ESTEEMED CLIENTS

Babyshop
Aramark Uniform ;& Career Apparel, LLC
BRINKMANN GMBH
OVS Hong Kong Sourcing Ltd.
Thermore (Far East) Ltd.
Permoda(Koaj/Armi/Pronto/Bkul)
HYOSUNG CORPORATION INDIA PRIVATE LIMITED
International Sourcing Expo Australia
Color Service s.r.l.
Esprit Europe Services GmbH
G-Star Raw C.V.
Bluesign Technologies Ag
SHAHI Exports Pvt Ltd
TESTEX AG, Swiss Textile Testing Institute
Arvind Limited
Maceton Limited
Copenhagen Fashion Summit
EPCH
GERBER TECHNOLOGY LTD.
Brückner Trockentechnik GmbH & Co. KG
Karl Mayer Textilmaschinenfabrik GmbH
Marzoli Machines Textile s.r.l.
Lisa S.P.A.
IDH – The Sustainable Trade Initiative
Green Fibre
UBM China (Shanghai)
Splash
Varner AS Retail
Recron Polyester from Reliance Industries Limited
Vianney Textil Hogar S.A. De C.V.
Abit
Tory Burch Hong Kong Ltd
Target Corporation (MN)
Inter Expo Center Ltd.
Restoque S.A.
CSGIA(China Screen Printing & Graphic Imaging Association)
CGS Inc.
C;&A Sourcing International Ltd
Jiangsu Yingyang Nonwoven Machinery Company Limited
Rayonese Textile Inc., Division de Culp Inc.
EUROVET ASIA LTD
Dow Silicones Corporation
VNU Exhibitions Asia
Lifestyle
Kornit Digital Asia Pacific Ltd
FULGAR SpA
Sateri (Jiujiang) Fiber Co.,Ltd
Eurofins BLC Leather Technology Centre Ltd
G.A.S. unternehmenskommunikation gmbh
THE BOMBAY DYEING ;& MFG.CO. LTD
EMBEE CORPORATION
Aquarelle Clothing Limited
DyStar India Pvt. Ltd
Newtech Textile Technology Development (Shanghai) Company Limited
Mesdan SPA
Lenzing Aktiengesellschaft - India
Lectra Technologies India Pvt Ltd.
Applied DNA Sciences Inc
Walmart
GIOVANNI BOZZETTO S.p.A.
IFF Media Ag - International Media Services
Officina Meccanica Dora Enrico Srl
Seasalt Limited
Tuyap Tum Fuarcilik Yapim A.S.
John Varvatos
APLF Limited
Lululemon Athletica Inc
Colours India Inc
NV Michel Van de Wiele
Eastman Chemical Company
Calvin Klein
Meera Dyestuff Industries
Itema Weaving (India) Private Limited
Palexpo SA
ITMA Services Pte Ltd
Gokaldas Exports Limited
Helly Hansen Far East Ltd
Midas Clothing Limited
Loris Bellini S.r.l.
Flainox S.r.l.
Huntsman (Singapore) Pte Ltd
Sportmaster Ltd.
Woolmark Services India Pvt. Ltd.
Gatsby Africa
Desigual - ABASIC, S.A.
International Textile Manufacturers Federation
GHCL LIMITED
Sportswear Company Spa
Mayer & Cie. GmbH & Co. KG
Lenzing Aktiengesellschaft
Taiwan Textile Federation (TTF)
BTSR International S.P.A.
The LYCRA Company Singapore  Pte. Ltd
The LYCRA Company Singapore  Pte. Ltd
Stahl Holdings B.V.,
BIRLA CENTURY A DIVISION OF CENTURY TEXTILES AND INDUSTRIES
Grasim Industries Limited
Amazon China
Indofil Industries Limited - Specialty & Performance Chemicals Division
K AND D ITMACH EXPOSITIONS LLP
Under Armour Global Sourcing Ltd
Vardhman Textile Ltd
LC Waikiki
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
X-Rite Asia Pacific Limited (HK)
Recron Polyester from Reliance Industries Limited
Hela Clothing Pvt Ltd
Tommy Hilfiger
KIABI
IIGM Private Limited
BIANCA
Shanghai  Aige Exhibition Service Co., Ltd
Nihalani Events Management
Kern – Liebers Textile
Rieter India Private Limited
Chori Company Limited
Lacoste (Wanchai)
KAS Direct Sourcing
Groz-Beckert KG
H;&M Hennes ;& Mauritz (Far East) Ltd
Messe Duesseldorf
Etam Group Strategy Hong Kong Limited
FESPA (Reigate)
USTER
Tchibo GmbH
Pt. Peraga Nusantara Jaya Sakti
SYNERGIES HONG KONG LIMITED
Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)
Thai Acrylic Fibre Company Limited
Shima Seiki Mfg. Ltd.
Brandix Lanka Limited
Saurer Textile Solutions Pvt. Ltd.
Haelixa AG
Guess Europe Sagl,
Zydex Industries
Truetzschler India Private Limited
ZAITEX spa
JES MEDIA, INC
Datatex Consulting Srl
Benetton Group
Xtema - Thomas Lebherz Textilmaschinen
Performance Days
Savio Macchine Tessili S.P.A.
Centric Software
TEXVALLEY MARKET LIMITED
BIMBA ;& LOLA SL
Rosset ;& Cia Limited
Alix Partners
Infor (Hong Kong) Limited
Lottmann Communications
Boardriders Asia Sourcing Limited
Bluestem Global Sourcing Limited
Italian Trade Commission
Istanbul Fuarcilik A.S.
Chico’ FAS
Aleph Srl
Datacolor AG Europe
BTC Textiles LLC
TESCO INTERNATIONAL SOURCING LIMITED
PVH Corporation
Hirdaramani International Export Private Limited
SUZHOU TUE HI-TECH NONWOVEN MACHINERY CO.,LTD
Phong Phu international JSC (PPJ)
Groz-Beckert East Asia LLP
DuPont de Nemours, Inc.,
Messe Frankfurt Exhibition GmbH
Tradewind International Servicing
Sainsbury's Argos Asia Limited
Alison Hayes Romania
Zünd Systemtechnik AG
IKEA of Sweden AB
COTTON COUNCIL INTERNATIONAL
Coats Digital Limited
J ;& P Coats
NITI Aayog
Nandan Denim Limited
Decathlon
The Top Form Brassiere Manufacturing Company Limited
Landmark Group
Asos
Cat Tuong Real Estate Group Joint Stock Company
MAS Active / MAS Kreeda / MAS Bodyline
Weitmann & Konrad GmbH & Co. KG
H. Stoll AG & Company KG
Jindal Worldwide Limited
Thai Trade Center
N9 World Technologies Private Limited
TÜYAP IHTISAS FUARLARI A.S.
T.T. Limited
Gap International Sourcing Limited
Indo Tex
Page Industries Limited (Bangalore)
Gloria Jeans
Equinox Impex India
Comasia Limited
Reiter India Private Limited
China World International Exhibition Company Limited
Puma

May 2022

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


Advanced Search