Garments exports up by 3.2% & Government raises duty refund rates
Ready Made Garments up by 3.2 % – Tirupur Exports:
India dips 11th month in the row leading the country trade deficit to $9.2 Billion. But It is all news for the exporters in tirupur to rejoice that Readymade Garment Exports numbers were up 3.2% in the month of October 2015.
For exporters in tirupur – Here is the news on DUTY REFUND HIKE :
Government on 17th Nov 2015 announces that Duty refund rates are hiked and it would be effective from 23rd Nov 2015. Government made this announcement for few products that included garments. Duty refund rates means that government will refund the duty paid to the customs when exporters imports the input for the exporting product.
Federation of Indian Export Organizations (FIEO) President S C Ralhan said that millmade fibre yarn/fabric, readymade garments and hand-tools would be benefited in the duty refund rate hikes. This factors would be little deal breaker for export companies in tirupur but having little relief from initiatives like this would boost the garment exports & imports from tirupur to some extent.