New Textile Policies announced to reincarnate its revenue
The readymade garment sector is the largest contributor to the country’s overall textile exports and employs about 12 million persons now. The Union Textile Commissioner Kavita Gupta revealed that the relief package announced in 2016 boost the garment and made-ups sectors to create around 2.5 lakh new jobs in the country.
The provision of 240 days’ employment per year for workers under Section 80JJAA of the Income Tax Act to150 days annually for the garment industry was also relieved.
Various benefits have been announced by the Union Government including giving employer’s contribution to the employee provident fund (EPF) for new workers for those earning less than Rs. 15,000 per month during the first three years of employment. Government also made EPF for workers earning less than Rs. 15,000 monthly.
A new scheme was also introduced to refund the state levies which were not refunded earlier. The capital subsidy under amended TUFS (technology upgradation fund scheme) from 15 per cent increased to 25 per cent.
The new textile industry policies announced over the years will help the industry increase its revenue, the textile commissioner said. However, the tumbling exports from the country remains a serious concern for many stakeholders.
– Apparel and Textile News, Apparel Talk, Indian Apparel