In response to a query from the press on the widening trade deficit after the meeting, Shri Chidambaram said : “ Trade deficit is not a cause for worry. I can live with the current account deficit. I want the importers to import what they want and our exporters to export as much as they can”.
During the interaction, a number of suggestions were put forward by the exporters.
From the textile EPCs viz, Apparel Export Promotion Council (AEPC), TEXPROCIL, Synthetic and Rayon Export Promotion Council (TEXPROCIL)etc, the main demands included extension of the TUF Scheme for another 5 years till 31/3/2012 which is needed to upgrade and expand technology of the Indian textile industry to face the severe competition in the post-quota regime; reduction in duties to facilitate growth of the indigenous textile machinery industry; and reduced duty on man-made fibres.
Handicrafts EPC wanted infrastructure status for the India Expo Mart and setting up of a Rs 1000 crore corpus to ensure a 3-fold increase in 5 years.
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