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The increase in drawback rates on made-ups and garment exports has come as marginal relief to the textile industry which is going through testing times. The new rates will come into force from February 4.
The increase in the drawback rates is on account of various factors such as the changes in the duties, price (CIF) of imported inputs, FOB value of exports and import intensity.
KV Srinivasan, Chairman, the Cotton Textiles Export Promotion Council, said that the rise in drawback rates for cotton textiles products will improve competitiveness of these products in the export markets. Exporters are passing through challenging times on account of difficult export market conditions combined by the removal of some export benefit recently.
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