Tamil Nadu - Chennai

Apparel and handloom exporters want bailout

CHENNAI: Apparel and handloom exporters have urged the Centre to bail them out of the current crisis, as it has rendered them non-competitive.

Talking to reporters on Thursday, Apparels and Handloom Exporters Association president Ranjit P. Shah said the exporters wanted a firm reply from the Union Textile Ministry whether they would be given the necessary assistance or not, as the situation was beyond their control.

“We have been warning the Centre and the State for over four months. Yet there is no sign of the government coming to our rescue. The Centre should have talked to us directly about relief measures. Instead, it has tapped a consultant to assess the damage. We are in a better position to provide the details,” he said.

To help out the sector, Mr. Shah suggested a 10-point programme that included an immediate reduction in interest across the board to 7 per cent, exemption from service tax, removal of the fringe benefit tax, an increase in duty drawback rates, income tax exemption for five years, a two-year moratorium on repayment of loans and swift action to withdraw the ceilings on power utilisation.

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