It said that while India has extended duty free access for Bangladesh, a similar concession has not been given to India. SIMA said the Centre should negotiate with Bangladesh to remove the 36 per cent duty on Indian cotton yarn.
SIMA said cotton yarn exports have declined to 90 million kg a month now as against 120 million kg 18 months ago.
Making the Indian textile sector more competitive in the global market will enable it to raise its turnover from the current US $110 billion to US $500 billion in a decade, it said in the memorandum.
The steps include immediate disbursement of money under the Technology Upgradation Fund (TUF) scheme and three per cent interest subvention for textile products.
The textile industry started facing problems from the end of 2013 as competing countries like Bangladesh, Pakistan, South Korea, Vietnam and Cambodia benefit more by the open-window market access.
It said that at a time like this, the undue delay in disbursing funds under TUF scheme has put the entire industry in the country under severe financial stress.
The Centre should also provide three percent interest subvention for textile products as the interest rate in the competing countries is much less than in India. Besides, the Central excise duty should be reduced from 12.5 per cent to 6 per cent, it said. SIMA also demanded exemption from terminal excise duty for domestic capital goods under the Export Promotion Capital Goods (EPCG) scheme. (SH)
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