The Central Government is aware of the challenges arising from US tariffs and is working on measures to support exporters, according to Ravi Sam, vice-chairman of the Cotton Textiles Export Promotion Council (Texprocil).
A delegation led by Coimbatore South MLA Vanathi Srinivasan met Finance Minister Nirmala Sitharaman in New Delhi on 20th August. Sam said in a press release that the Minister assured the delegation that the Government is seriously considering the industry’s requests, which include a two-year moratorium on repayment of principal amounts, a 30% collateral-free loan under the ECLGS with 5% interest subvention, higher RoDTEP rates including the value cap, and a five-year extension of the RoSCTL scheme.
The delegation also urged an extension of the 11% import duty exemption for cotton on bills of lading dated up to 30th September. Sam noted that this would help mills fully benefit from the relief, address raw material shortages, and ensure price parity. He added that such measures would strengthen the industry’s competitiveness, particularly in the UK market, following the recent free trade agreement.
