FIEO asks for reduced GST rates for job-work in garment making
The Dollar Business Bureau In an open letter to the Finance Minister Arun Jaitley, A. Sakthivel, Regional Chairman, Southern Region, Federation of Indian Export Organisations (FIEO) today made an appeal that, ‘there are a number of activities, which are undertaken by the job-workers in the garment making industry which have been left out of the GST rate of 5%!’ In its recent meeting held on June 11, the GST Council had provided a major relief to the textiles and apparels manufacturers by announcing a sharp reduction in GST rates on certain merchant services from 18% to 5%. Industry leaders had welcomed the move saying that the massive reduction would help job workers to survive and compete with those in the captive manufacturing ...
Textile exports not up to mark: Cloth merchants body
Sharath Chowdary India’s textile exports have come down to $40 billion in FY 2016, when compared to $41.4 billion exports in FY 2015. The textile shipments are far below the target set by the Union Textile Ministry at $47.5 billion for the previous fiscal year. Even then, the ministry has taken it up as a challenge to achieve $48.5 billion exports this fiscal year. The Union Cabinet has recently approved Rs.6000-crore special package for the promotion of exports in Textile and Apparel sector. With this package, the government plans to achieve a cumulative increase of textile exports to $30 billion in the next three years. To achieve this ambitious target, the government should encourage the new manufacturers, Telangana Cloth Merchants Association President Ammanabolu ...
'Tough time ahead for Indias textiles exports'
Interview by Sai Nikesh | The Dollar Business The Dollar Business (TDB): How likely the Indian textile industry is to achieve the export target of $500 billion by 2025, as estimated by industry bodies? Do you think free trade agreements with European countries will help India achieve the target? Atul Mishra: First of all touching a market size of $500 bn by 2025 is an ambitious targets for India and it requires multiple strategies to attain such targets. Having bilateral multilateral trade tie ups with USA and EU, which are major export destination for India’s Textile &Clothing (T&C) sector, is one of them. Other strategies would be to focus on attracting investment and creating world class efficient capacities which seems lacking. Currently around ...
