Trade 19-07-2021 Hits: 2302

Piyush Goyal,Textile Minister aims at 10x quantum rise in 'Textile industry capacity'

Trade 19-07-2021 Hits: 2302

Piyush Goyal

Trade 19-07-2021 Hits: 2302

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.

COVID-19: Ministry of Textile Issued Guidelines for Testing of Personal Protective Equipment- India Legal

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

Watch: https://www.youtube.com/watch?v=rEfD2nWfjvQ

Existing competitive landscape

Competing countries having to pay lower duties in these crucial markets thus they outdo Indian Exporters hands-down.