CITI reiterates need for refund of taxes to exporters
21 Dec '07
3 min read
Referring to the increase in interest rates, CITI Chairman observed that some relief has been provided by government to exporters by way of subvention of interest rates on packing credit. However, units selling in the domestic market, which are also affected seriously by the present crisis in this industry, are left in the lurch.
Shri Patodia suggested that a subvention of 4% on interest rates be announced on working capital loans for the textile and clothing industry so that all units can get some assistance for sustaining production and employment. He also reiterated the request that the industry has already made to the Finance Minister and Prime Minister to declare a moratorium of one year on repayment of principal amounts against term loans taken by the textile industry.
Shri Patodia explained that the industry feels seriously concerned that increasing quantities of Indian cotton are being exported.
“This year nearly 25% of the total cotton produced in the country is expected to be exported, mostly to China and Pakistan. Thus our cotton is strengthening the textile industries of our competitors and this is an issue that needs to be addressed”, he stated.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
