Indian Apparel and Textile Industry Sees New Growth from 2018
Indian apparel and textile industry are one of the oldest industries in the state’s economy. The Indian government has taken initiatives to boost the country’s textiles and apparel industry. Many new policies and schemes are launched to help the garment sector.
The overall performance of the manufacturing sector is an interplay of several factors like domestic demand, demand for exports, level of investment and prevailing prices. Several steps to boost domestic manufacturing are being taken as part of schemes such as Start-up India, Ease of Doing Business, Modified Industrial Infrastructure Upgradation Scheme, Business Reform Action Plan and Intellectual Property Rights (IPR) Policy.
Further, Foreign Direct Investment (FDI) policy and procedures have been simplified and liberalized progressively. It has approved 100 per cent foreign direct investment (FDI) under the automatic route for single-brand retail trading (SBRT), it launched a Scheme for Capacity Building in Textile Sector (SCBTS) with an outlay of Rs. 1,300 crores till 2019-20 and Samarth scheme for training 10 lakh people in the textiles industry.
The Government has notified North East Industrial Development scheme (NEIDS) to continue benefits for the industrial units in North Eastern Region and Industrial Development Schemes for J&K, Himachal Pradesh and Uttarakhand. The scheme for budgetary support to the eligible units located in the States of J&K, Himachal Pradesh, North Eastern States including Sikkim under GST regime has also been notified.
Government The basic customs duty on 76 textiles and apparel products at the 6-digit level from mid-July were increased and followed it up by doubling of import duty on 328 textile products to 20 per cent from the earlier 10 per cent.
Duty drawback rates were marginally decreased on several textile items, though they were marginally raised on apparel items with effect from December 19. Overall, these steps have resulted in bringing optimism and new power in the country’s textile and apparel industry.
– Apparel and Textile News, Apparel Talk, Indian Apparel