Tirupur Exporters’ Association (TEA) has urged the Government to enhance the interest subsidy on packing credit by 5 per cent mainly to help the knitwear garment extorting units to increase their competitiveness and also to sustain their business.
K.M.Subramanian, President, TEA has written a letter to Nirmala Sitharaman, Minister of Finance in this regard.
Pointing out to the lack of level playing field for Indian industry in the global market against competing countries like Bangladesh, Vietnam, Cambodia apart from China, K.M.Subramanian said the current crisis prevailing in the global market has additionally impacted the industry, which is reflected in the exports performance of apparel in the past.
This is prominently visible in terms of dollars as apparel exports for the months of July, August and September 2022 compared to the corresponding months of last year has declined by 0.60 per cent, 0.34 per cent and 18.06 per cent respectively.
There are still apprehensions that in the current month also, the negative export growth will be reflected more or less as recorded in September month.