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AEPC pitches for easy availability of credit for industry

With 11 percent growth rate in apparel sector, the apex body of apparel exports has urged the government to keep the momentum of growth rolling it is important that manufacturing sector start picking fast.

This is an employment critical sector and Government intervention is must to sustain the growth moment and reach the target set by the Government," said the Apparel Export Promotion Council (AEPC) Chairman, A Sakthivel Tuesday said in press statement.

"We have submitted our list of demand at BOT meeting held recently, which includes: duty credit scrip at the rate of 5 percent, increasing the support under MAI, implementing the gold card scheme, separate chapter for getting export credit for the banking sector at fixed rate of 7.4 percent and Market Linked Focus Product scheme may be increased to from 2 percent to 3 percent and newer countries to be added and currency swap to explore the possibility of using local currency for trade with major trading partners. 

"As well as, changes in service tax, income tax and labour laws," he added.

Dr Sakthivel has expressed optimism that India trade growth has the ability and potential to bring the Indian economy back on track. Easy availability of credit and availability of specialty fiber for domestic use still remains a bottleneck. 

Congratulating Minister of Commerce & Industry, Anand Sharma for the double digit growth in exports which was USD 12.97 billion, Dr Sakthivel said, "His sustained help to the export sector through positive policy measures and supportive intervention from time to time has yielded positive results."

Dr. Sakthivel also congratulated the Minister for efforts that led to the reduction in trade deficit which stood at USD 10.9 billion for the month of August 2013. It will surely help to ease out current account deficit. 

Commerce Ministry has announced the trade data on Tuesday, Exports during August, 2013 were valued at US 26.13 billion, which was 12.97 percent higher than the level of USD 23.13 billion during August, 2012. 

Cumulative value of exports for the period April-August 2013 -14 was USD 124.42 billion as against USD 119.77 billion registering a growth of 3.89 percent over the same period last year. 

Imports during August, 2013 were valued at USD 37.05 billion representing a negative growth of 0.68 percent over the level of imports valued at USD 37.3 billion in August, 2012. 

Cumulative value of imports for the period April-August, 2013-14 was USD 197.79 billion as against USD 194.44 billion registering a growth of 1.72 percent over the same period last year.

The trade deficit for April-August, 2013-14 was estimated at USD 73.36 billion which was lower than the deficit of USD 74.67 billion during April-August, 2012-13.

Chairman AEPC also applauded the efforts made by K S Rao, the Union Textiles Minister for boosting exports. After talking over the Minister he took on board all the demand of the Industry.

"He stepped up his efforts and signed MoU with many countries and various textiles bodies," he added.