AEPC pitches for easy availability of credit to industry
Updated: Sep 11, 2013 04:15:11pm
New Delhi, Sept 11 (KNN) In order to keep the momentum of growth of garment exports rolling, the Apparel Export Promotion Council (AEPC) pitches for easy availability of credit for the industry.
“From the last four months garment exports are also growing at the rate of about 11 per cent, to keep the momentum of growth rolling it is important that manufacturing sector starts picking fast,” said AEPC in a press statement.
This is an employment critical sector and government intervention is must to sustain the growth moment and reach the target set by the Government, said the Apparel Export Promotion Council (AEPC) Chairman, A Sakthivel yesterday.
The list of demand made by AEPC at BOT meeting held recently, includes: duty credit scrip at the rate of 5 per cent, 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 per cent and Market Linked Focus Product scheme may be increased to from 2 per cent to 3 per cent and newer countries to be added and currency swap to explore the possibility of using local currency for trade with major trading partners.
Sakthivel is also keen to see changes in service tax, income tax and labour laws as well.
He also expressed optimism that India trade growth has the ability and potential to bring the Indian economy back on track.
However, easy availability of credit and availability of specialty fibre for domestic use still remains a bottleneck, he said. (KNN/SD)
“From the last four months garment exports are also growing at the rate of about 11 per cent, to keep the momentum of growth rolling it is important that manufacturing sector starts picking fast,” said AEPC in a press statement.
This is an employment critical sector and government intervention is must to sustain the growth moment and reach the target set by the Government, said the Apparel Export Promotion Council (AEPC) Chairman, A Sakthivel yesterday.
The list of demand made by AEPC at BOT meeting held recently, includes: duty credit scrip at the rate of 5 per cent, 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 per cent and Market Linked Focus Product scheme may be increased to from 2 per cent to 3 per cent and newer countries to be added and currency swap to explore the possibility of using local currency for trade with major trading partners.
Sakthivel is also keen to see changes in service tax, income tax and labour laws as well.
He also expressed optimism that India trade growth has the ability and potential to bring the Indian economy back on track.
However, easy availability of credit and availability of specialty fibre for domestic use still remains a bottleneck, he said. (KNN/SD)
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