In Brief

Regressive weight-based DBK regime threatens 4.6 mn jobs: AEPC

The Apparel Export Promotion Council (AEPC) has estimated that the weight-based revision of the duty drawback policy has resulted in staggering losses of Rs 325.50 crore, over 29 days.

The industry is panic stricken that the expected 20 per cent growth spurt in 2005 has been hit badly already. While India heads for a modern VAT based system, the newly introduced and ridiculously crafted weight-based duty drawback scheme is a surprising contradiction in government policies.

“The apparel export industry is India’s next big growth opportunity and the weight-based duty drawback may completely throw this growth burst out of gear. The reputation of the country as an exporting nation will suffer if commitments made to major international buyers are not honoured on agreed terms. We therefore appeal to the Union finance minister to grant interim relief and restore the earlier rates till May 2005,” said Mr A Sakthivel, chairman, Apparel Exports Promotion Council.

The appeal comes after similar recommendations from the ministry of textiles and the ministry of commerce, to the finance ministry.

Indo Rama bags one gold and two silver ‘SRTEPC Awards for Exports’

Indo Rama Textiles, one of India’s largest polyester-cotton blended yarn exporters, received the Second Best Overall Export Performance award from the Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) for the year 2003-04. Hon’ble minister of textiles, Shankersinh Vaghela, presented the prestigious award to Mr R S Singhvi, SBU Head, Spinning & DTY, at a ceremony held in Mumbai, attended by top officials of textiles and commerce ministry and leaders of the industry. Indo Rama, in addition, won two Gold awards for “Best Export Performance” in the categories – Manmade fibre yarn blended with natural fibre and viscose spun yarn. Indo Rama Textiles, with state-of-the-art plants at Pithampur (Indore) and Butibori (Nagpur) produce close to 40,000 MT of yarns in blends, polyester/cotton, polyester/viscose, 100% polyester & 100% viscose.