Textile 09-04-2022 Hits: 1515

Government launches initiatives to boost textile exports

Textile 09-04-2022 Hits: 1515

09 April 2022, Mumbai:

The Indian government has launched certain initiatives to boost textile exports on a pan-India basis and make the textile sector globally competitive.

As per an SME Times report, the government has approved the PM Mega Integrated Textiles Region and Apparel Parks (PM MITRA) scheme for setting up of seven PM MITRA Parks in Greenfield/Brownfield sites with an outlay of Rs. 4,445 crore for a period of seven years up to 2027-28.

The Scheme would help create a modern, integrated large-scale, world-class industrial infrastructure including plug-and-play facilities.

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These parks will enable the textile industry to become globally competitive, attract large investments and boost employment generation.

The government has also continued the scheme of Rebate of State and central Taxes and Levies (RoSCTL) effective from March 2019 till 31st March 2024 for exports of apparel/garments and made-ups in order to make the textile sector competitive in the international market.

Besides, the government has approved the Production Linked Incentive (PLI) Scheme for Textiles, with an approved outlay of Rs 10,683 crore, to promote the production of Man-Made Fiber (MMF) Apparel, MMF Fabrics, and Products of Technical Textiles in the country to enable Textile sector to achieve size and scale and to become competitive.

To boost exports in the Man-Made Fibre (MMF) sector, the Government has removed anti-dumping duty on PTA (Purified Terephthalic Acid), Viscose Staple Fibre, and Acrylics.

Nearly 58.4 percent of cloth produced in the country, is sourced from the power loom sector. Similarly, over 60 percent of the fabrics exported from the country are also from the power loom sector, as per an SME Times report.

The power loom sector is also a major provider of fabrics to the readymade garments and home textile sectors.

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CREDITS: SME Times report.