Business   

Dip in Tirupur knitwear exports

TIRUPUR: For the first time in its history, the vibrant export centre of Tirupur registered a negative growth of around 10 per cent during 2007-08.

The Tirupur Exporters’ Association (TEA), which is releasing the export figures since the abolition of quotas in 2005, on Monday said that knitwear exports from Tirupur declined to Rs. 9,950 crore till March 31, 2008, against Rs. 11,000 crore in the previous financial year.

A. Sakthivel, TEA President, said “We anticipated the decline and time and again we had alerted the authorities too.

“Whatever the Government had done in terms of duty drawback hike and subvention in interest rates are not sufficient to maintain our growth rate.”

Mr. Sakthivel attributed the decline mainly to the rupee appreciation against the dollar.

He appealed to the Centre to exempt exporters from paying fringe benefit tax and service taxes besides cutting the interest rate further.

The TEA President told The Hindu that the exporting community was yet to come out of the shock. “New investments on plant and machinery and capacity expansion at export houses have come to a halt for the past one year,” he added.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Panel rules out any increase in VAT rates
Power capacity addition, top priority for Jairam
Hero Honda’s unit on stream
Sensex sheds 169 points
Olive oil prices set to decline
Dip in Tirupur knitwear exports
SEBI modifies Clause 49 provisions
Religare to make foray into general insurance
Rupee closes lower
New miniaturised laptops
Exchange Rates
Bullion Rates
20 FDI proposals cleared
Apex court reserves judgment
Ranbaxy gets Japanese nod
Russia’s NDC ties up with CDSL
Sonata expands operations in Bangalore
Avesthagen, Limagrain strengthen partnership
Vitage Tech partners e-DMZ Security
Carburettors buys out Mikuni’s stake in Ucal
L&T bags four contracts worth Rs. 1,687 crore
IDBI Capital appoints new MD and CEO

Copyright © 2008, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu