TEA cities hike in rebate on State, Central taxes and levies
Knitwear exports from Tiruppur are set to surpass ₹30,000 crore during the current fiscal, said Tiruppur Exporters’ Association (TEA) president Raja M. Shanmugham.
“With the continuance of the positive growth trend coupled with the recent increase in Scheme for Rebate of State and Central Taxes and Levies on export of garments and made-ups, knitwear exports are all set to cross ₹30,000 crore this fiscal,” he said.
Tiruppur knitwear exports had returned to the growth trajectory after two years of struggle, he said. During 2018-19, knitwear exports from Tiruppur was estimated to be ₹26,000 crore against ₹24,000 crore recorded in the year-earlier period, marking a growth of 8.3%.
In 2018-19, the annual average export growth was 7%, he said. In the last six months, the average export growth was about 31.15% over the corresponding year-earlier period.
India’s readymade garment exports in 2018-19 recorded a growth of 4.7% to touch ₹1,12,715 crore from ₹1,07,679 crore achieved in the year-earlier period.