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AEPC Seeks Policy Support And Stability In Its Budget Demand
- Apparel exporters demand 5% rate for all exporters under the interest equalization scheme for a period of 5 years
AEPC’s Key Budget Proposals for Strengthening India’s Apparel Industry
The Apparel Export Promotion Council (AEPC), India’s leading organization promoting garment exports, has put forward key recommendations for the 2024 Union Budget to enhance the competitiveness of the country’s textile sector. AEPC Chairman, Shri Sudhir Sekhri, emphasized the importance of long-term policies to support the industry, citing India’s potential to become a global player in textiles. He underscored the need for a 5% interest equalization scheme for apparel exporters for five years to boost competitiveness.
Secretary General, Shri Mithileshwar Thakur, stressed the sector’s potential to generate massive employment, especially for youth and women, and urged government support for its growth.
AEPC’s wishlist includes:
Raising the interest equalization rate to 5% for apparel exporters.
Extending duty-free benefits under the Import of Goods at Concessional Rates (IGCR) for trimmings and embellishments.
A reduction in customs duties on high-end textile machinery to 0% for three years, followed by increased tariffs to encourage local manufacturing.
Implementing a uniform GST of 5% across the entire textile value chain to alleviate the tax burden and ease cash flow.
These measures aim to promote sustainable practices, support branding initiatives for “Made in India” products, and encourage relocation of manufacturers to rural areas, positioning India as a leading exporter in the global textile market.
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