Recently, the Indian textile industry hopes that the government will use the subsidy policy for handicrafts, carpets and small and medium-sized enterprises as a reference to expand interest subsidies for the garment industry.
Previously, due to the slowdown in the handicrafts, carpets, handlooms and textile industries affected by the financial crisis, the government expanded the focus on small and medium-sized enterprises in handicrafts, carpets, handlooms and textiles in the 2010-2011 Union Budget. Interest subsidy. The implementation date is March 31, 2011.
The method stipulates that the 2% export credit interest subsidy before shipment for the above-mentioned industries is relatively lower than the market interest rate. The textile department recently requested the government to implement the same subsidy policy for the garment industry and extend the export credit subsidy interest for one year until March 31, 2011.
India’s clothing exports began to show a downward trend in October 2008. In December 2009, due to reduced demand in Europe and the United States, clothing exports fell by more than 11% to US$862 million.
