Economic survey 18, Apparel MSMEs respond positive, urges govt to speed up refunds

New Delhi, Jan 30 (KNN) The Economic Survey tabled by Finance Minister Arun Jaitley while on one hand points out the shortcomings that the country faced in the recent times, it predicts a bright a picture for country’s short and medium term growth.

According to the survey report, the growth in the current fiscal is expected to be quarter of a percentage point larger than the CSO's advance estimate of 6.5%, mainly due to a pick-up in exports and the base effect from poor fourth quarter growth in Demonetisation-hit 2016-17.

Commenting on the Economic Survey 2017-18 tabled in the Parliament today, HKL Magu, Chairman, of the Apparel Export Promotion Council (APEC) said that the Economic Survey has predicted 7-7.5 percent growth in 2018-19 with exports and private investment set to rebound.

“The survey suggests an improvement  in demand  and investment, which should augur well for the economy as a whole, and the apparel sector specifically.”

Magu further said that the survey has rightfully pointed out that the Rs.6000 crore package announced in June2016 has  addressed the constraints faced by apparel firms to a large extent and the Rebate of State Levies (ROSL) has increased exports of ready- made garments (man-made fibers) by about 16 per cent.

Raising the concerns of the sector, he informed that due to the delays in refund of state levies (RoSL) and IGST, the full benefit of the package has yet been realised.

“If the GST and RoSl refunds issues are smoothened , the Industry can aim at achieving double digit growth,” a release from APEC said. (KNN/DA)