New Delhi, Nov 24 (KNN) While the Government is on overdrive to make India ‘digital’ and apps of all sorts are available for myriad of Government services, the data on international trade, a crucial information for both the policy think tanks as well as the trade and industry comprising of large players, Micro Small and Medium Enterprises (MSMEs) is not available even after 2 months.

Even the official trade data for September, 2017 is not available at the end of November, 2017.

Monthly variation in trade, both imports and exports, provide  valuable insights to the exporters and importers about the global market environment and a lag of two months is too long to make the data of any use

Interestingly, the total export and import data are made available within 15 days of the next month and for October, 2017, the major groups showing high growth in export has been made available.

But data for the sectors which may have suffered setbacks in exports, which is equally important for the trade and industry, is not available.

With the absence of the statistics there is buzz that the authorities are trying to delay the bad news, which isn't being seen in the best light for the economy.
There is a widespread rumour in the trade circles that the textiles and garments sector suffered a drop in export by 35-40% in October, 2017 in comparison to October, 2016.

If it is so, elaborate consultations are required both within and outside the Government, to pinpoint the causes and take up remedial measures.

It is a well known fact  that  introduction of GST has played havoc with the readymade garment industry, which is predominantly in the Micro Small and Medium Enterprises sector.

And the double whammy came from the long delay in release of the GST reimbursement – the  amount due for exports in July, has not yet been released.

Commenting on the scenario,  Animesh Saxena, a leading MSME exporter of garments said that MSME garment exporters are facing a pincer attack on their survival.

On the one hand the acute competition from the neighbouring countries is making garment export un-remunerative, on the other hand huge capital is blocked in the much delayed GST reimbursements.

Saxena exclaimed that the garment exporters are fed up with the GST and they want direct reimbursement of all central and state taxes at the earliest.

He also mentioned that while the doubling of the MEIS benefits for the garment exporters is a highly welcome step, Government also need to restore the higher Duty Draw back rates in lieu of the GST reimbursements.

Saxena also said that if the Government is interested in revival of the garment sector the scheme for reimbursement of state taxes should be restored in full.

But till the actual trade data are available, Government cannot officially call it a distress signal, leaving the sector at risky stakes. (KNN/DB)