The hiked duty drawback rates announced recently for major cotton textile products will improve the competitiveness of these products in India’s export markets, according to the Cotton Textiles Export Promotion Council (TEXPROCIL), which attributed the rise to factors like changes in duties, price of imported inputs, free on board (FOB) value of exports and import intensity.
The government notified the revised duty drawback rates on January 28 that became effective from February 4.
According to TEXPROCIL chairman KV Srinivasan, exporters are passing through challenging times on account of difficult export market conditions combined by the removal of some export benefits recently. Hence, the announcement came as a relief to exporters, he said in a press release.
Fibre2Fashion News Desk (DS)