Textile corporates like Raymond, Aditya Birla and Arvind are in favor GST. They feel GST is a historic and bold decision, which will bring transparency in the industry and help the informal sector. It would push Indian textile industry to be more competitive with China on the global front.
Corporates also believe GST will create a seamless and inclusive business environment which will enable exponential growth in the economy. It is expected that in next three to four years, the size of the Indian textile industry will double to about $200 billion.
A brand like US Polo Assn feels GST will be good also for international companies as India has the potential to be one of the largest textile centers in the world. The textile industry has a pivotal position in Indian economy. It is strong and competitive across the value chain. India has an abundant supply of raw material like cotton, wool, silk, jute, and manmade fiber.
India is the world’s largest producer of cotton and jute, and the second largest producer of silk and manmade fiber. This provides the country the distinct advantage of backward integration, which many other countries do not have.