New textile ministries plans…

As part of the short-term strategy, the government will try to rationalize the fiscal structure, exporters exempt from service tax, reduce interest rates on pre- and post- shipment credit, and facilitate faster clearance of arrears of terminal excise duties and central sales tax say the textile minister…

The assurance comes in the backdrop of around 2 per cent decline in India’s textile exports, which are estimated at $21.75 billion in 2008-09, due to slump in key markets such as the US and Europe.