New government initiatives to benefit the industry: Sanjay Jain,TT Ltd
13th August 2021, Mumbai:
The new initiatives by the government will benefit the textile industry, believes Sanjay Jain, Managing Director, TT Ltd. Jain says, certain segments in the industry have done well like cotton, yarn, basic apparel etc.
Compared to June 2020, price of cotton has gone up 50 per cent in 2021. Farmers and traders have gained a lot. Yarn prices too have gone up 50 per cent in tune with raw material price rise.
The man-made segment is demanding rationalization and fibre-neutral GST. Meanwhile the government plans to introduce the PLI scheme. Unlike global trends, India’s man-made fibre share is about 40-45 per cent as against the global trend of 70 per cent. It needs to grab a share from the global market. The segment is likely to get a real push from the government in times to come.
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