Apparel exporters' body AEPC demand interest subsidy

NEW DELHI: Apparel exporters' body AEPC today demanded interest subsidy scheme among other things to boost exports.

Apparel Export Promotion Council of India (AEPC) Chairman Virender Uppal said exports grew by 9.24 per cent in April this year but it was 13.4 per cent in April 2014.

He said free trade agreement with European Union and Canada would help in mitigating "the duty disadvantage suffered by India vis-a-vis our competitors like Bangladesh, Cambodia, Vietnam, Pakistan etc. in the major markets".

He also asked the government to announce the 3 per cent interest subvention scheme with effective from April last year to "partially mitigate high cost of lending, which is hovering around 11-12 per cent as compared to 4-6 per cent in competing countries".

He also suggested for extension of duty benefits to major markets like the US, EU, Canada, Mexico, Australia, Switzerland and Russia.

For improving ease of doing business, the actual implementation of 24x7 clearances of import and export at the ports should be be ensured by customs authorities, he said in a statement.

In 2014-15, garment exports grew by 12.2 per cent to $16.83 billion.