TIRUPUR: Welcoming the upward revision of duty drawback rates by 3 per cent by the Centre, the Tirupur Exporters’ Association (TEA) has expressed its gratitude to Prime Minister Manmohan Singh and Union Ministers for Finance, Commerce, and Textiles. This revision would help exporters bail out from the crisis. The Ministry of Finance on Thursday raised the duty drawback rates for cotton knitted garments to 10 per cent from 7 per cent with effect from April 1. Similarly, the drawback rates for garments made out of blended yarn and man made yarn have also been raised. The TEA president, A. Sakthivel, said that the Drawback Committee had played a vital role for the upward revision of drawback rate for knitted garments by taking into the data submitted by the TEA.
The reduction of Export Credit Guarantee Corporation premium by 10 per cent would help exporters.