News

TEXTILE MINISTER UPDATES ABOUT T&A CURRENT STATUS OF GROWTH

TEXTILE MINISTER UPDATES ABOUT T&A CURRENT STATUS OF GROWTH

Union Minister of Textiles, Smt. Smriti Zubin Irani updated the Rajya Sabha on the current status of textile and apparel sector of India in a written reply.

In this brief she informed that the Indian textile sector is the sixth largest exporter of textiles and apparels in the world. The share of India’s textiles and apparel exports in mercantile exports is 11% for the year   2019-20.

US market is the top market for Indian apparel exports.

Taking a major step to boost exports, Government has recently decided to extend the benefit of the Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) to all export goods with effect from 1st January, 2021.

Cabinet has approved Production-Linked Incentive (PLI) Scheme in the 10 key sectors for enhancing India’s manufacturing capabilities and enhancing exports.

MMF segment and technical textiles are included among the 10 key sectors with approved financial outlay of Rs 10,683 crore over a five year period.

Accordingly this Ministry is formulating a scheme to promote identified MMF Apparel and Technical Textile lines to capture substantial share in global trade including US.

Union Budget announcements 2021-22 include the launch of Mega Integrated Textile Region and Apparel (MITRA) Parks scheme.

To enable the textile industry to become globally competitive, attract large investments and boost employment generation, 7 Textile Parks will be established over 3 years.

This will create world class infrastructure with plug and play facilities to enable and create global champions in exports.

Related posts

Brit online fashion retailer ASOS records 14% revenue growth

Perfect Sourcing Newsdesk

Grasim Industries sets up a Reverse Osmosis (RO) plant in Parmarkedhi village, Nagda

Perfect Sourcing Newsdesk

How’s US tech firm Gerber Technology making Indian apparel makers Industry 4.0-ready?

Perfect Sourcing Newsdesk

Leave a Comment