The Textile Industy has attracted an investment of Rs. 27,000 crores after the announcement of the special textile package made last year and with the government’s intervention will bring more such funds into the sector, Union Textile Minister, Smriti Irani said at the Texellence 2018 organised by CII.
The Rs. 6,000-crore textile package includes tax and production incentives. The Industry and the government are working together on a day-to-day basis and Irani also said a logistic department has been made to reduce turnaround time. The attention will be focused now on turnaround time for goods after productions.
The representatives of Textile Industry have asked the Irani to discuss with the Commerce Ministry, Suuresh Prabhu about the free trade agreement (FTA) possibilities to increase exports as a number of India’s competitors are enjoying duty-free trade with FTAs. Irani also plans to meet Prabhu to discuss the issues faced by the textile industry as well as the WTO challenge.
– Apparel and Textile News, Apparel Talk, Indian Apparel
