India's textile exporters expect easing of working capital

This is major relief for the textile industry, said Ujwal Lahoti

The country’s textile industry is pleased at the news that the central government would, in a fortnight, release 60 per cent of the estimated Rs 25 billion of dues under the Refund on State Levies (ROSL), held by it since the goods and services tax (GST) was implemented last year.

“This is major relief for the textile industry. Exporters were facing a working capital squeeze due to blockage of such a large fund under ROSL. Also, exporters were paying interest to lenders on the blocked amounts. Textile exporters would now get relief from this double blow,” said Ujwal Lahoti, chairman, Cotton