Garment exporters heave sigh of relief
Economic Times, India
MUMBAI: Although the garment exporters feel the government has not met the needs of the industry to the fullest extent in the package for exporters, the general feeling is that of relief and hope. The industry is now hopeful that they will be able to meet the target of $160 billion set for 2014-07.
“The decision to increase duty drawback rate by 3% and the reduced interest rate on pre-and-post shipment credit by two percentage points will bolster the morale of the industry and they will be able to recover at least part of its recent losses,†Rahul Mehta, president, Clothing Manufacturers Association of India (CMAI), said.
The industry will be able to quote new rates to their overseas customers, which will be better competitive, he said, adding “the release of Rs 600 crore to clear the backlog of excis
