Business Daily from THE HINDU group of publications
Thursday, Jul 10, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Jul 10, 2008 ePaper | Mobile/PDA Version | Audio |
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Industry & Economy
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Textiles ‘Textile exports likely to gain 20%’ In the 2008-09 season, the cotton output is expected to be about five per cent more than the previous season’s 315 lakh bales Our Bureau Mumbai, July 9 With the rupee losing value against the dollar, textiles and apparel exports are likely to gain 20 per cent in the financial year, said Dr J.N. Singh, Textile Commissioner and Joint Secretary for Ministry of Textiles. India’s apparels and textiles exports increased to $20.8 billion in FY ’08 against $18.5 billion in 2006-07 an increase of 15 per cent. TUF DisbursalInaugurating the 49th National Garment Fair organised by the Clothing Manufacturers Association of India (CMAI), Mr Singh said the Technology Upgradation Fund (TUF) scheme is extended up to terminal year of the 11th Five-Year Plan. Under this scheme, the Government has released Rs 1,100 crore and has cleared dues up to September 2007. “Now, we have asked Planning Commission for an additional sum of Rs. 1,900 crore under this scheme,” he said. Nil import dutyThe Government has scrapped import duty on raw cotton besides withdrawing one per cent duty drawback on export of raw cotton. It is considering applying quantitative restrictions on export of raw cotton, he said. In 2008-09 cotton season, the cotton output is expected to be about five per cent more that the previous season’s 315 lakh bales. Mr Rahul Mehta, President, CMAI and Vice-President of Asian Apparel Federation, welcomed the steps to restrict export of raw cotton. This will bring stability in cotton prices, he said. Textile exports to US may grow 10% as demand picks up Centre eyes 15% rise in textile exports in current fiscal Rupee-hit textile industry in need of incentives to exports More Stories on : Textiles | Exports & Imports
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