November 16, 2017
Image credit : Illustrative Image
Export of readymade garments has dropped by 40 per cent till October this year, valued at Rs 5,398 crore as against Rs 9,111 crore during the same period last year, leaving the industry in dire straits.
With the export value for October being the lowest in the last 42 months, the garment sector has reached the endurance limit, according to sources in Tirupur Exporters’ Association (TEA).
Exports from Tirupur, which crossed Rs 2,000 crore in October 2016, dropped by almost 42 per cent to Rs 1,200 crore this October, the sources said.
Any delay in announcement of some sops or other positive measures, including enhancement of duty drawback and rebate on state levies on exports would lead to a coma and it would be difficult to bring it back to normality, TEA said.