Chairman's word - April 2017
With the onset of the new financial year, now is the perfect time to set some new directions and launch fresh initiatives.
The whole world is getting closer and collapsing into one- We cannot be any different and it is towards achieving this oneness that Smt. Smriti Zubin Irani, our Honourable Union Minister of Textiles, Government of India, has announced TEXTILES INDIA 2017. TEXTILES INDIA is envisaged to be one of the largest global shows of the value chain of Indian Textiles, in its entirety. It is a mission towards building a great international trade, knowledge sharing and networking platform, for the passionate and enthusiastic professionals of Textiles in India. It is scheduled from 30 June to 2 July, 2017 in Gandhi Nagar, Gujarat. To lend the event a scale of grandeur, AEPC has subsumed the 59th edition of our 30 year old India International Garment Fair (IIGF) within Textiles India 2017.
In order to ensure smooth transition to GST framework, AEPC has been working closely with the government to formulate and recommend revised All Industry Rates (AIRs) of drawback on rebate to be implemented for exports in the context of new GST environment. Once the GST is implemented, the duty drawback norms too will need to be aligned with the new indirect tax regime. AEPC has proposed for continuation of the current AIR for duty drawback in addition to the refund of GST taxes for a transition period of at least two years to ensure there is no disruption in exports. Also, refunds of input GST should be provided expeditiously through the GST system in order to alleviate any concerns related to blockage of working capital for exporters.
I understand the industry has been concerned about adverse movements in the currency and cotton markets. While the dollar has weakened during the last three months, cotton prices have increased across all categories in the last one year. AEPC has called for a pragmatic approach and thoughtfully considered strategy to deal with the crisis. We have also requested the government for a faster and full roll out of the package to mitigate such hits on the bottom line and continue consolidation of India’s position in the global apparel marketplace.
I once again take this opportunity to invite you to participate wholeheartedly in Textiles India 2017 (incorporating 59th IIGF), the must visit business to business textiles show of the year.
With best wishes for the new financial year!
Ashok G Rajani