In a statement, TEA president Raja M Shanmugham said that restoration of rates of duty draw back and also increase of value cap to Rs 30 would increase competitiveness when knitwear exporters are operating under wafer thin margins to sustain themselves in the global market.
He thanked the Centre for considering TEA's representation, as duty drawback rate for Babies Garments was reduced from 7.6 per cent to 7.3 per cent and the value cap from Rs 34 to Rs 29 while announcing the new rates on October 31 last.
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