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Textile sector seeks PM’s help to ease strong rupee
Our Bureau
New Delhi, Nov 26 Hit hard by the appreciating rupee, the textile industry has sought the intervention of the Prime Minister, Dr Manmohan Singh. A delegation led by Mr P D Patodia, Chairman, Confederation of Indian Textile Industry (CITI) met the Prime Minister on Monday and outlined the impact of declining exports and loss of jobs. The delegation requested Dr Singh to provide immediate relief to the industry, at least through short term measures, in order to help it to sustain exports.
Textile exporters have sought an increase in duty drawback rates, reduction in interest rates for pre-and post-shipment credit as well as exemption from service tax to tackle the appreciating Rupee.
Explaining the loss of competitiveness, the industry representatives said that the currencies of competing countries have appreciated only moderately in comparison to the rupee and even depreciated in some cases, further worsening the situation for the exporters here.
The delegation included Dr Amit Mitra, Secretary General, FICCI, the Chairmen of Cotton Textiles Export Promotion Council, Synthetic and Rayon Textiles Export Promotion Council and the Senior Vice-Chairman of Apparel Export Promotion Council.
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