Garment exports seeks duty credit scrip of 5 pc: AEPC

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SME Times News Bureau | 28 Aug, 2013
Devising measure to boost exports from country, the apex apparel exports body Tuesday urged Anand Sharma, the Union Minister for Commerce and Industry, to give supports like duty credit scrip at the rate of 5 percent and Market Linked Focus Product scheme may be increased to from 2 percent to 3 percent.

"The garment industry could achieve USD 12.92 bn exports in 2012-13 & modest 13 percent growth in April-July, 2013 due to Policy Support given by Government," Chairman, Apparel Export Promotion Council (AEPC), A. Sakthivel said in his statement released to the press after the BoT meet in New Delhi on Tuesday.

He said, "Support like duty credit scrip at the rate of 5 percent, increasing the support under MAI, implementing the gold card scheme, separate chapter for getting export credit for the banking sector at fixed rate of 7.4 percent and Market Linked Focus Product scheme may be increased to from 2 percent to 3 percent and newer countries to be added."

"As well as, Currency swap facilities, changes in service tax, income tax and labour laws as per the industry need are the thrust area which has potential of boosting apparel trade, if met," he added.

Sharma Chaired the Board of Trade meeting held on 27th August to listen and gather the concerns of the Industry captains and devise measure to boost exports thereof.

H K L Magu, Senior Vice Chairman, AEPC, made the detailed submission and highlighted the issues and concerns of the apparel sector.

Magu at the onset thanked Minister for enhancing the interest subvention from 2 percent to 3 percent in Readymade Garment Sector.

He then gave the details of the apparel export scenario and highlighted the benefits that are announced by Government for the benefits of apparel exporters.

On behalf of the garment Industry Magu laid before minister the demands and concerns of apparel exporters during the BOT meeting.