India, children's backpacks clothing exports hurried into the meeting will say, PVC plastic bags. These actions will assist the clothing and knitting departments, ten thousand pieces of those dyeing units, business men's clothing details skillfully matched with delicate accessories.
This article is from the Global Textile Network. Please indicate the source when reprinting!
The Chairman of India's Apparel Export Promotion Council (AEPC), Saxwell, wrote to Federal Finance Minister Mukji to raise these concerns. He emphasized that the reality is that this department has lost its competitiveness in the global market due to rising interest rate costs. He appealed to Minister Mukji to take the right actions to restore the competitiveness of the clothing department. He sought financial restructuring, expanding a 2% export credit subsidy for the clothing and knitting departments.
1) Extend the principal repayment of long-term loans by 24 months without any asset classification or nearby terms, including loan reconfiguration;
2) The deterioration of working capital caused by the sharp rise in raw material and finished product prices can be converted into working capital loans, with a term of five years and deferred repayment for one year.
3) Include the clothing and knitting export sector in the 2% export credit subsidy plan.
Rising interest rates have almost destroyed India's clothing and knitting export sector. India's clothing and knitting department has been hit by the sluggish exports to the US and UK markets. With the rise in interest rates, loans have become more expensive, further shaking this department.
This has led to the loss of global market competitiveness in the clothing and knitting export sector as they struggle to find funds to meet their capital needs. Many clothing manufacturing units were quickly classified as non-performing assets by banks because they lacked the ability to repay loans.
Saxwell once again requested that Mukji extend these measures across the entire textile value chain, from subcontractors to upstream large-scale sections, Tai Chi clothing. India's Apparel Export Promotion Council believes that this proposal has no revenue implications since interest must continue to be paid on all loans.
Saxwell requested the Ministry of Finance to support the following measures: