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Garments to be cheaper by 4-5% India : 13th July 2004 |
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2004-7-16
With the reduction in the excise duty of raw material fabric, garment exports will cost less by about 3-4 percent, leading to better volumes. Fabrics and garments would also cost less by 4-5 percent, while the $36-billion textile-to-clothing industry sectors cheer in chorus the overhaul of indirect tax structure. As per the budget, effective excise on garments stands to nil from 2.5 percent. The net effect will accelerate capacity expansion plans in the garment industry leading to China, pulling down prices in the run-up to the quota-free regime, facing the heat from Indian exporters. Global buyers have already made a beeline to Indian shore for their garment and apparel sourcing requirements with only six months to go before the phase out of textile quotas under the multi-fibre agreement. With a promising 25-30% growth shown by the export sector over the last six months. India’s apparel exports are set to reach $15 billion by 2010, up from the current $6 billion.
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