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Coimbatore

Textile industry welcomes MEIS rate hike

Covai Post Network

Image credit : Illustrative Image

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Tirupur Exporters’ Association (TEA) on Saturday welcomed the increase of the Merchandise Exports from India Scheme (MEIS) rates for readymade garments and madeup textiles from two to four per cent for a period of November 1, 2017 to June 30, 2018.

“The announcement of MEIS increase is a relief to the ailing knitwear garment export sector,” TEA president Raja Shanmugham said in a statement and thanked the Finance Minister Arun Jaitley, Textile Minister Smriti Irani and Commerce and Industry Minister Suresh Prabhu for their “crucial support at this hour of crisis.”

He also requested them to incorporate the embedded tax and announce the revised Rebate on State Levies (ROSL) and Duty Drawback rates, saying these lifeline support was desperately needed to restore export growth and boost the confidence of garment exporters to take up fresh orders and sustain in the global business.

In another statement, Southern India Mills’ Association chairman P Nataraj also welcomed the announcement, which has given some relief to the industry.

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