Business

India: AEPC chairman A Sakthivel welcomes growth in exports

Exports in July 2013 have grown by 11.64 % compared to the same period last year. Exports for July stood at US$ 98.29 billion. Import for the month dropped US$ 6.20 billion to US$ 169.74 billion.

AEPC Chairman, A Sakthivel, has welcomed the export growth in RMG and textiles, “The market in US is gaining strength but EU is still under economic stress. We have registered a growth of around 16% in RMG in the US and EU markets. Our exports diversification in the non-traditional markets and sustained government help has also helped boost exports. As per estimates, we are expecting a growth of around 15-16% at the end of the current financial year, if other factors keep supporting the current rate of export growth.”

The chairman suggested that garment should be given separate chapter for interest rates in export sector. “The availability of credit at softer rates is a critical component. The pre- and post-shipment credit rates are hovering around 10% which is very high when compared to interest rates available to our competitors. The industry appeals to government for reintroduction of the separate rates of fixed 7.5 % for the labor intensive sectors of clothing and textiles.”