Rising Re chief cause of loss in textiles - Shri Elangovan

03 Dec '07

3 min read

As per data generated by the DGCIS, India's textiles and clothing exports during 2006-07 were of the value of US$ 18729.93 million, as against exports valued at US$ 17520.07 million during the year 2005-06, registering a growth of 6.91%.

DGCIS's latest provisional foreign trade's statistics indicate that India's exports in the first quarter of this financial year registered a decline of 14% in US$ terms compared to the corresponding period of the preceding financial year.

This information was given by the Minister of State for Textiles, Shri E.V.K.S. Elangovan, in the Lok Sabha, in a written reply to a question by Shri Harisinh Chavda and Shrimati Sangeeta Kumari Singh Deo.

The Minister further informed that the textiles industry is attributing this decline mainly to the appreciation of Indian Rupee vis-à-vis US Dollar.

Government has announced following steps to strengthen and support the textiles industry:
(i) DEPB rates were enhanced by 3% for 9 sectors including textiles (also handlooms), RMGs and handicrafts. For other items, DEPB rates were enhanced by 2%.

(ii) ECGC premium reduced by 10%.

(iii) Amount of Rs.600 crore released for clearing arrears of CST reimbursement and terminal excise duty.

(iv) Duty drawback rates enhanced by 10-40% of the existing rates.

(v) Subvention on credit rate allowed upto 2%.

(vi) Refund of service tax paid by exporters on services linked to export of goods.

More Ministry of Textiles - India News... More Textiles News - India...