INDIA: Garment Sector May Face the Burn of Fuel Price Rise
The Central Government has increased the Petrol and Diesel prices by Rs. 5/- per litre and Rs. 3/- per litre respectively (4.6.2008) The Central Government has hiked the fuel prices due to increase in imported oil prices, the impact of this price hike will be severe to the garment manufacturing units. The garment…
Egytex News Desk
Egytex
The major concern is that the garment making units are no way in a position to pass on the hiked fuel prices to buyers since the units have to be quite competitive to stay in the global market. Considering the gravity of the situation, the Ministry of Finance which is now working Duty Drawback rates for garments and other products should take into account the increased fuel cost and this should be factored while arriving the Duty Drawback rates for the year 2008-09.
Source: Tirupur Exporters Association
From the Egytex news archive, first published on 8 June 2008. Figures and names are as reported at the time.
