Export of Ready-made garments grew 8.06% in May
The Dollar Business Bureau India’s export of ready-made garments registered a positive growth of only 8.06% in the month of May as compared to same month last year. Ready-made garment exports stood at $1605.37 million in May 2017 as compared to $1485.67 million in the same month last year. In terms of rupee, the exports were Rs.10342.55 crore in May this year as against Rs.9940.10 crore in May 2016, registering a growth of 4.05%, Apparel Export Promotion Council (AEPC) said in a release. “The decline in growth is attributed to two reasons. Though the exporters are happy with the new rates announced by the Government under the Goods and Services Tax (GST), they need to ensure compliance with the GST for input credit for the already existing stock on June 30 ...
Apparel exporters want RoSL continued post-GST
The Dollar Business Bureau The RoSL (Rebate of State Levies) scheme has benefitted 85% of apparel exporters in their export performance, a survey conducted by Apparel Export Promotion Council (AEPC) revealed. The survey was conducted by (AEPC) to find the catalyst for exceptional differentiated export growth of 31.7% in April, 2017. It got tremendous data about the huge impact of RoSL on the performance of the industry. The industry is very upbeat and believes that over a period of three years they can consistently increase exports. According to the survey, done in 8 states where there is significant apparel production, 85% of apparel exporters were substantially benefited by RoSL in their export performance, while 65% rated the impact of RoSL as high or game changing. The industry also ...
5,000 cr investments to flow in apparel industry
The Dollar Business Bureau Apparel Export Promotion Council of India is hoping for Rs.5,000 crore investments to be flown in the apparel industry in current fiscal. The investments may create over two million job opportunities. Terming the recently announced Rs.6,000 crore booster package by government as ‘game changer,’ AEPC Chairman Ashok Rajani stated that the industry may see Rs.5,000 crore capex in near future. The apparel sector hasn’t witnessed any major investments over the years. The additional investment has capacity to give way to two million jobseekers. Ashok Rajani added that the move may almost double the capital subsidy to 25% of investment. Speaking on the target set by the government to create 10 million jobs and earn $30 billion through exports by 2020, Rajani ...
Mixed impact of rupee fall on textile exports: ICRA
The Dollar Business Bureau Depreciation of the rupee will not have a broader implication on India’s textiles exports but will bring a competitive pressure from China due to devaluation of Chinese currency, according to the Investment Information and Credit Rating Agency of India (ICRA). China’s decision to devalue the Yuan on August 10, 2015, has led to depreciation in the currencies of other apparel exporting countries, including Indonesia and Vietnam. Any fluctuation in their currencies will affect export competitiveness in the market. "As China’s Yuan has depreciated more than the Rupee and given that China enjoys dominant position in international export markets, India will see increased pricing competition which will affect the profitability of Indian exporters," ICRA said in statement. The credit ...
