INDIA: Textile Trade Holds Drawback Rates Talks
Textile trade representatives have held talks with the Union Textile Minister to try and restore a status quo situation following the cut in duty drawback rates.
Angry garment exporters say export orders are received at least three to six months in advance and the prices confirmed at this point.
They say there is no scope for revising the price after this point and the reduction in drawback rates introduced yesterday will damage the industry.
Drawback rates have been reduced in the women segment area from 16.5 per to 12.5 per cent and in the knit segment from 14.5 per cent to 10.5 per cent a piece.
On top of this, garment exporters are facing a number of other problems, including intense competition in the international market, labour trouble, delays in getting drawback and port strikes.
The Apparel Export Promotion Council says its garment exports are on a declining trend and are decreasing by around 15 per cent.
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