Tirupur knitwear exports top Rs 10,250 cr

Coimbatore:Knitwear exports from Tirupur during 2006 touched Rs 10,250 crore, according to the Tirupur Exporters Association.
Citing export data collated from different banks, the association said this included Rs 9,650-crore worth of export transactions done through the banks in the hosiery town. The rest was done by exporting units through negotiating with banks in Mumbai and Delhi but in these cases, the export merchandises were made from Tirupur.

In a presentation made to the Secretary, Union Ministry of Textiles, Mr A.K. Singh, during his interaction with the TEA members on Friday, the association said given the continued buoyancy in the export market, knitwear exports from Tirupur would cross Rs 11,000 crore during 2006-07.

Industry wish-list:As for the industry's wish-list, it wanted the Centre to extend the tenure of the technology upgradation fund scheme (TUFS) for the textile sector till the end of 11th plan period. Similarly, it also wanted the continuation of special interest subsidy scheme within the TUFS available for the processing sector. The scheme provides for an additional 10 per cent capital subsidy along with the regular 5 per cent interest reimbursement scheme of TUFS till the end of 11th plan period.

Textile exporters suffer higher transaction cost and the Export Import Bank of India survey has assessed that they suffer 7-10 per cent higher cost compared to their competitors. Unlike other competing-countries where there has been provision for VAT reimbursement to the extent of 12-17 per cent, there is no way for the Indian exporters to offset the higher transaction cost.
Hence, the Centre should recommend a higher duty drawback rate to sustain the competitiveness in global market, the TEA presentation added.

The association has also suggested to the Centre to bring down the excise duty on manmade fibre/yarn to the level applicable to cotton yarn which will enable the textile exporters to increase their synthetic fibre based products in their exports.

Source:Hindu Businessline

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