FM gives hope to textile exporters

Finance Minister P Chidambaram assured textile exporters that the government would take notice of their grievances and work on measures to help them come out of the crisis arising out of Rupee appreciation.

Export Promotion Council for Handicrafts executive director, Rakesh Kumar said that the minister was very positive and has assured that the government would come out with concrete steps to help exporters hit by an appreciating Rupee.

Textile exporters, who are among the worst hit by Rupee appreciation, have demanded an increase in duty drawback rates, reduction in interest rates for pre and post shipment credit as well as exemption from service tax.

The Rupee appreciation has severely dented the profitability of textile industry which has not only led them to losing market share but also large number of jobs.