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The working of Indian businesses has been severely dented by a 40 percent hike in prices of cotton yarn, tumbling values of dollar and euro against the Indian rupee and a sharp increase in minimum wages for workers in the national capital, said Apparel Export Promotion Council (AEPC) in a release on Tuesday.

Garment exports from India to the US, the European Union and Japan are likely to pick up in months ahead on the back of improvement in their retail markets, Confederation of Indian Textile Industries (CITI) General Secretary D K Nair said.

Government on Wednesday announced incentives worth Rs 625 crore for exporters of garments, engineering, electronics and agro products even as the country's merchandise exports rose by an impressive 34.8 per cent growth in February at USD 16.09 billion.

The Cotton Textiles Export Promotion Council (TEXPROCIL) urged the Government should consider giving additional benefits to the downstream Garment & Home Textile sectors so that they can tide over the temporary crisis rather than seek imposition of a tax on exports of Cotton Yarn.