Piyush Goyal,Textile Minister aims at 10x quantum rise in 'Textile industry capacity'
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19th July 2021,Mumbai:
Piyush Goyal, the new textiles minister, has set eyes on lofty target of shoring up the Sector's capacity by 10 times (YES YOU READ IT RIGHT), giving hopes that the government is seriously looking at taking more steps to give a leg up to investment and resultant boost in employment in this 2nd largest employer.
Though giving no road-map and indicating timeline at this stage. But given the resolute indications it is not unrealistic view.
What has been identified as thrust areas
Focus on improving the quality of handloom, handicrafts and standardising realising that; there is a vast potential in a burgeoning local market besides exports market, Man-made fibre along with Technical Textiles
Current Sector status
Textile Sector size 140$ Bn & 50% comes from Apparel trade (GDP share 2.3%), employing 45 million workers or thereabouts.
Approx 25% of sector gets exported.
Recent Initiatives
The extension of Rebate of State and Central Taxes & Levies (RoSCTL) to provide 'Predictability & Visibility' to exporters when they negotiate contracts & investors
Integrated textiles parks
The proposed free trade agreements with the UK & EU being our one of the largest trade partners expected to provide required impetus to Indian exporters
Mudra loans for startups to buy cotton-plucking machines to rent to farmers are proposed in the earnest to create jobs and employment supporting income for SMBs
Existing competitive landscape
Competing countries having to pay lower duties in these crucial markets thus they outdo Indian Exporters hands-down.
Related News:
With slew of measures the textiles industry is optimistic to compete more competitively with rivals such as Bangladesh/ Vietnams of the world, which enjoy unfair wage and tariff advantages.
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