The Hindu : TEA resents cut in duty drawback rates

Online edition of India's National Newspaper
Thursday, Apr 03, 2003

Business

Business

TEA resents cut in duty drawback rates

By Our Staff Reporter

COIMBATORE APRIL 2. The Tirupur Exporters' Association (TEA) has expressed shock over the reduction in duty drawback rates for knitwear products. In a release, the TEA president, A. Sakthivel, said the reduction in duty drawback rates for knitwear and the introduction of CENVAT would `hamper export promotion'. These measures would have a serious impact on the competitiveness of the industry, he said. In a communication to the Union Finance Minister, Jaswant Singh, Mr. Sakthivel said the reduction in the duty drawback rate was `unfortunate'.

"The price sensitiveness of the product makes it all the more difficult for the Indian exporter to maintain the existing market and to penetrate into new markets," he added.

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