The annual Economic Survey 2017-18 was released today. Reacting to it HKL Magu, Chairman, AEPC said, “Economic Survey has predicted 7-7.5 per cent growth in 2018-19 with exports and private investment set to rebound. The survey suggests an improvement in demand and investment, which should augur well for the economy as a whole, and the apparel sector specifically. The survey has rightfully pointed out that the Rs 6000 crores package announced in June2016 has addressed the constraints faced by apparel firms to a large extent and the Rebate of State Levies (ROSL) has increased exports of ready- made garments (man-made fibers) by about 16 per cent.” He went on to add that due delays in refund of state levies (RoSL) and IGST, the full benefit of the package has yet been realised. If the GST and RoSl refunds issues are smoothened, the industry can aim at achieving double digit growth.
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