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Decline in export of textiles to USA

09
Jul '09
As per the latest available provisional data of Directorate General of Commercial Intelligence & Statistics, Kolkata, India's textiles and clothing export to the US has indicated a growth of over 3.82% in Indian rupee terms and a decline of 8.19% in US dollar terms during April-February' 2008-09 over the corresponding period of previous year.

This information was given by the Minister of State for Textiles, Smt. Panabaaka Lakshmi in the Rajya Sabha, in a written reply to a question by Shri T.T.V. Dhinakaran. The US imports figures of textiles and clothing from top five countries including India during the period of January-April, 2009 are given below:-

The Government announced two stimulus packages on 7th December, 2008 and 2nd January, 2009 to boost India's exports including textiles exports. The measures announced under these packages, inter alia, include:-

Additional allocation of Rs.1400 crore to clear the entire backlog of Technology Upgradation Fund Scheme (TUFS).

All items of handicrafts to be included under 'Vishesh Krishi & Gram Udyog Yojana (VK&GUY)'.

Across-the-board cut of 4% in the ad-valorem Cenvat rate till 31.3.2009.

Interest subvention of 2% upto 31.3.2009 subject to a minimum of 7% per annum on pre and post-shipment export credit (since extended to 30.9.09 in the Union Budget 2009-10).

Provision of additional funds for full refund of Terminal Excise Duty/Central Sales Tax.

Enhanced back-up guarantee to ECGC to cover for exports to difficult markets/products.

Refund of Service Tax on foreign agent commissions of upto 10% of FOB value of exports as well as refund of service tax on output service while availing benefits under Duty Drawback Scheme.

Credit targets of Public Sector Banks revised upward to reflect the needs of the economy.

State Level Bankers Committee would hold meetings for resolution of Credit issues of MSMEs.

Guarantee cover under Credit Guarantee Scheme doubled to Rs. 1 crore with cover of 50%.

DEPB rates restored to pre - November, 2008 levels and extended till 31.12.2009.

Duty Drawback on knitted fabrics enhanced retrospectively from 1.9.2008.

Ministry of Textiles


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