Business

Exports from Tirupur crosses Rs 20,000 cr

Exports from the knitwear hub of Tirupur reported Rs 20,730 crore in 2014-15 compared to Rs 18,000 crore in 2013-14. A growth rate of 15.5% in terms of rupee and 15.9% in terms of foreign currencies.

The export figure has been arrived after consolidating the knitwear exports data collected from 38 Banks located in Tirupur and surrounding areas.

A Sakthivel, president, Tirupur Exporters Association said that it was expected that Tirupur exports would achieve Rs 21,000 crore and finally registered Rs 20,730 crore.

He mentioned that after reaching Rs 18,000 crores in 2013–14, a target to double the export,  from Rs.18,000 crore to Rs 36,000 crore  was set  and planned to reach this figure in next three years, by 2016-17.

He was confident of reaching the export target in next two years once the Government address ssues coupled with continuance of  favorable factors including FTA with European Union and Canada take place in near future, announcement of availability of three% Interest Subvention to knitwear garment sector immediately.  

Inclusion of the countries like Australia, New Zealand, Mexico, Russia, Panama, Latin American countries, specifically Brazil under MEIS reward rate at two% in FTP  as the freight charges particularly to Latin American countries are very high, said Sakthivel