Smriti Irani: government's 6,000 crore package to boost apparel and make up
The Indian government has dedicated a 6,000 crore rupee package (approximately 902 million US dollars) to aiding the nation’s apparel, textile, and make up industries and Textile Minister Smriti Irani has shown optimism for tapping into the industry’s potential.
The Union Government’s Textile Minister, Smriti Irani, spoke on January 28 at an export awards function hosted by the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) about how the government aims to boost the country’s fashion industry. “The textile sector has huge growth potential,” said Irani, “However, the industry faces challenges in terms of production and technology because a lot of small scale players don’t have fiscal support.” Irani opined that the government will be able to tap into the full potential of the industry in the years to come.
The SRTEPC Chairman, Narain Aggarwal, also spoke at the event and stated that synthetic and rayon textile exports has risen over the past year and that India is currently the world’s second largest producer of man-made fibres (MMF). Aggarwal too expressed optimism for the future of the Indian fashion and textile industry.
The government has undoubtedly been pumping money into the industry with campaigns such as “Make in India” but there have also been consistent complaints from businesses following the higher tax rates that accompanied last July’s introduction of the GST. Many in the industry therefore feel that there is a mixed message of funding but higher taxes. 2018 will decide whether complaints over the GST have been over teething problems or whether issues will have to be addressed so as to not hamper growth in India’s fashion industry.
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