Special package for knitwear in 2 months

Special package for knitwear in 2 months

Knitwear sector will get a special package in about two months’ time to ensure a level playing field, considering it faces tough competition from various countries like China due to lack of technology upgrades and automation. The government has already been working on the package and had met stakeholders for this to hold consultations on the draft scheme. The suggestions will be taken into account to determine the size of the package. The guidelines for the same will be announced in the next two months, Anant Kumar Singh, textile secretary said.

Textiles minister Smriti Irani during a press briefing last month had said that the government is currently working on package that will help the knitwear sector cope with challenges it is facing.

A special package of Rs 6,006 crore for textile and apparel industry was approved by the government in June last year. Made-ups segment was also included in the package which aims to attract investments to the tune of 11 billion US Dollar, generate 30 billion US Dollar in exports and create one crore new jobs in the next three years.

–¬†Apparel and Textile News, Apparel Talk, Indian Apparel