Budget 2024: Apparel exporters seek fiscal incentives to boost exports

Apparel exporters on Monday sought fiscal incentives including cut in customs duties and fund support in the forthcoming Budget to boost the outbound shipments from the sector.

Finance Minister Nirmala Sitharaman is scheduled to present the Budget on July 22.

The Apparel Export Promotion Council (AEPC) suggested the government should increase the rates under the interest equalization scheme to 5 per cent for all the apparel exporters for a period of five years.

"This will increase the apparel industry's competitiveness in the international market," AEPC Chairman Sudhir Sekhri said in a statement.

He also said that all types of trimmings and embellishments should be covered under Import of Goods at Concessional Rates of Duty Rules.

Sekhri said that with the complete value chain and commitment for compliance driven quality products, India is all set to unleash its prowess in the textiles and apparel sector by being a significant global player.

"The long-term policy for garment indu