4.5% growth in readymade garments exports during Apr-Jan in FY 2016-17

New Delhi, Mar 31 (KNN) The readymade garments exports from have shown a growth of 4.5% in rupees terms during April-January, 2016-17, as compared to the same period of previous financial year.

According to Minister of State, Textiles, Ajay Tamta, “The exports of readymade garments have witnessed a positive growth of 4.5% in INR terms and 1.0% in USD terms during April-January, 2016-17, as compared to the same period of previous financial year.”

During April-January period in FY 2016-17, the exports worth Rs 91467.85 crore was made from India while during the same period in FY 2015-16, the exports stood at Rs 87560.23 crore.

In a written reply in the Parliament, Tamta said, “Government has announced a special package of reforms for apparel sector in June, 2016 targeting employment generation and exports.”

The special packages given to the sector are - Employee Provident Fund Scheme Reforms (12% Employer’s share of Provident Fund is paid by Govt.); Introduction of fixed term employment; Additional incentives under ATUFS; and Enhanced duty drawback coverage through ROSL.

In addition to the special package for apparel, government has taken several other initiatives/ schemes to boost exports.  These initiatives are -  3% Interest Equalization Scheme for manufacturer exporters of readymade garments;   Integrated Skill Development Scheme;  Amended Technology Up-gradation Fund Scheme (ATUFS);  2% MEIS scheme; and All India Duty Drawback.