Search Result for : Textile Sector

The Dollar Business Bureau The Goods and Services (GST) Council, in its scheduled meeting in August, is likely to take up the issues related to taxation raised by several sectoral bodies together with a review of the new GST regime, said a top official on Friday.  The Central Board of Excise and Customs (CBEC) department is keeping a track of the revenue trends after the implementation of GST from July 1, however, the actual situation will come to light after the returns filed in September, said  Vanaja Sarna, Chairperson, CBEC. The GST Council, headed by Finance Minister Arun Jaitley and consists of representative from the states, will be meeting on August 5 for reviewing the implementation of the GST regime.  “Different issues will be ...

The Dollar Business Bureau Manohar Lal Khattar, the CM of Haryana said the Goods and Services Tax (GST) is not going to adversely affect the textile business. This comes after several textile traders and unions have gone on a strike against the imposition of GST. "Textile has been placed in the slab of 5% under the GST. Presently, there is an embedded tax of central excise duties of 3.38% and 2.8% of VAT on cotton yarn," he said. Therefore, the 5% tax on fabric is not going to put additional burden on textile, Khattar claimed. "Moreover, the cascading effect would be mitigated with the event of the GST and the net effective tax on fabric would be minimal," he said at a seminar on ...

The Dollar Business Bureau Finance Minister Arun Jaitley has announced that the Government plans to launch a scheme for the leather and footwear segment in order to boost growth and create of jobs in the sector. This scheme for leather and footwear segments will be similar to the prevailing scheme of textiles, implemented in June, 2017. “A special scheme for creating employment in the textiles sector has already been launched. A similar scheme will be implemented for the leather and footwear sector,” Jaitley said. Department of Industrial policy and Promotion (DIPP) would send the plans to Expenditure Finance Committee shortly, for its approval. The final approval will be given by the Union Cabinet in order to implement the scheme from April 1, 2017. In June 2016, the government approved Rs.6000 crore for the ...

The Dollar Business Bureau Beginning January 29, 2017, a two-day Investors’ summit themed “Exploring Opportunities in North East Region” has been organised by the Minister of Development of North Eastern Region (DoNER) and the Ministry of Textiles in Shillong. The event focusses on the Textile Industry and its associated sectors. On the first day of the summit, Rs.1040 crore was allocated for textile based projects like handicrafts, sericulture, handloom, apparel and garments by the Minister of Textiles, Smriti Irani. North Eastern Textile Industry received Rs.820 crore for sericulture related projects from the Ministry. Speaking to the media, the minister said sericulture related projects in the region would provide employment opportunities to many. The Minister also stated that around four lakh people mostly women would ...

The Dollar Business Bureau During the Vibrant Gujarat Global Summit 2017, memorandum of understandings (MoUs) worth Rs.8,835 crore were signed in textile sector in different areas including textile parks, carpet development, textile processing and machinery. Textiles Minister Smriti Zubin Irani witnessed the signing of MoUs.  “Gujarat produces 29% of India’s total cotton production and this indicates the trust of textile industries in the prospects of the state, said Irani while addressing a seminar on 'Make in Gujarat' at the Summit in Gandhinagar on Thursday.  Irani also gave assurance of support from her Ministry for the development of textile value chain of the state and for exploring opportunities in technical textiles and research. The Textiles Minister further said as a place having one of the largest concentrations ...

The Dollar Business Bureau In a bid to push the growth of the textile sector, the Tirupur Exporters' Association (TEA) has requested the Centre to provide successful textile clusters with better infrastructure like world-class design studio, research and development centre and incubation centre for technical textiles. The intention has been conveyed in the pre-budget memorandum submitted by the association to Finance Minister Arun Jaitley underlining the need of good infrastructure as a way forward to entering niche segments. This will pave way for the industry to cash in on newer opportunities and allow growth of the already established textile business. According to TEA president Raja M Shanmugham, the government also needs to address the issue of permanent migration of skilled labourers by building ...

Ahmad Shariq Khan India’s exports of bedspreads, in value terms, have seen a phenomenal rise in the last decade. And it’s one of those few export products where China plays catch-up to India. With India expected to further consolidate its leadership position in the coming years, bedspreads appear a safe and snug option for an export business.  When it comes to exports of bedsheets or bedspreads (HS Code: 630419; bedspreads of textile materials, not knitted or crocheted), India has always been a clear leader in exports. In fact, India’s overseas shipments of bedspreads in CY2015 stood at $980.33 million, against the world exports of $1.38 billion during the same period – that’s an impressive 70 percent global share! India’s dominance in exports of bedspreads ...

The Dollar Business Bureau Apparel Export Promotion Council of India is hoping for Rs.5,000 crore investments to be flown in the apparel industry in current fiscal. The investments may create over two million job opportunities. Terming the recently announced Rs.6,000 crore booster package by government as ‘game changer,’ AEPC Chairman Ashok Rajani stated that the industry may see Rs.5,000 crore capex in near future. The apparel sector hasn’t witnessed any major investments over the years. The additional investment has capacity to give way to two million jobseekers. Ashok Rajani added that the move may almost double the capital subsidy to 25% of investment. Speaking on the target set by the government to create 10 million jobs and earn $30 billion through exports by 2020, Rajani ...