Tirupur Exporters' Association (TEA) Saturday appealed to Finance Minister Arun Jaitley to immediately announce the revised all-industry rate of duty drawback for the garments sector and help it overcome the crisis and enhance exports.
The duty drawback rate was usually announced in September or October, but it wasn't this year and the government has been delaying the announcement since the rupee has depreciated, and that was affecting exports, president of the association, Raja M Shanmugha, said in a press statement here.
In the half-yearly period of this financial year, the exports recorded Rs 260.6 billion against Rs 292.1 billion during the corresponding period last year, a decline of 10.8 per cent, the statement said.
The exports from Tirupur for the same six-month period saw a decline from Rs 136 billion to Rs 121 billion, an 11 per cent fall, it said.
After implementation of goods and services tax (GST) in the garments sector in October 2018, the exports have clocked a positive figure compared to the previous year, the statement said.