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Apparel exporters demand slashing lending rates

Worried about India’s falling readymade garments (RMG) exports, garment exporters are now demanding lowering lending rates and new incentive schemes. As per recent data released by Directorate General of Commercial Intelligence and Statistics (DGCI&S), there has been a decline of 7.60 per cent in India’s RMG export in the financial year 2017-18 as compared to 2016-17. Total RMG exports from India was Rs 1,16,554 crores in 2016-17 which has fallen to Rs 1,07,698.80 crore in 2017-18.

Alarmed over the fall, prominent garment exporters of Ludhiana held a meeting organised by Apparel Exporters Promotion Council (AEPC) and discussed their next course of action. Harish Dua, president, Knitwear and Apparel Exporters Organisation, and executive member of AEPC, said in nine months, India’s RMG exports has decreased because of the non-seriousness of the Union government to solve issues regarding garment exporters. No new initiatives have been taken by the government to revive exports.

He further added that the ministry of commerce will start new schemes to encourage the exporters and also introduce incentives to support the sector. Narinder Chugh, a permanent invitee to AEPC, stated from the past one year, growth of garment exports has decreased but it can be overcome if the government takes some initiatives such as reduction of interest rates on bank loans for exporters to 2 per cent; solving the issue of delay in GST refunds and bringing new schemes for TUFS can change the whole situation.

 
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