The rise in interest rates hampered Indiaâ€™s apparel export businessâ€™s rising interest rate on February 13 and almost destroyed Indiaâ€™s clothing and knitting export sector. Indiaâ€™s opinion in the clothing and knitting sector was hit by the slump in exports to the United States and the United Kingdom. With the rise in interest rates, the price of ** was more expensive and the sector was shaken once again.
This has led to the loss of the competitiveness of the clothing and knitwear export sectors in the global market. They are trying to find funds to meet the funding needs for their operations. Many garment production units were soon classified as bad assets by banks because they did not have the ability to repay them.
Sexville, publisher of the India Apparel Export Promotion Association (AEPC), sent a letter to Federal Finance Minister Mukherjee and raised this concern. He stressed that the reality is that the sector has lost its competitiveness in the global market because of rising interest rate costs. He applied to Minister Mukherjee and took corrective action and the 10,000-piece garment department restored the competitiveness of the department. He sought financial restructuring to expand the clothing and knitting sector by 2% in export credit subsidies.
Saxwell once again asked Mukherjee to extend these measures to the entire textile value chain, from contracted workers to large-scale upstream departments. The Indian Apparel Export Promotion Association believes that this proposal has no income meaning because all the ** need to continue to pay interest rates.
Saxwell asked the Ministry of Finance to support the following measures:
1) Extend the repayment of the long-term principal repayment for 24 months. There will be no asset classification or nearby terms, including the rescheduling of **;
2) The deterioration of liquidity caused by the drastic drop in the prices of raw materials and finished products can be transformed into liquidity, with a five-year deadline and a one-year deferred payment.
3) Incorporate the garment and knitwear export sector into the 2% export credit subsidy program.
The Indian Apparel Export Promotion Association said that these acts will help garments and knitting departments, tens of thousands of those dyeing units.
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