AEPC disappointed with new economic stimulus package

New Delhi, Dec 7 -- The Apparel Export Promotion Council (AEPC) today said it is disappointed by the government's new economic stimulus package. "The package is a step in the right direction but more concrete measures need to be taken to reverse the downturn in exports of readymade garments and avoid further job losses in the sector," said AEPC chairman Rakesh Vaid.

"We were expecting an increase in duty drawback rates, but there is no mention of it in the package. We have also been demanding income tax exemption for five years to offset the huge losses piling up, but there has been no response."