The Indian textiles & clothing (T&C) industry registered a 5.37 per cent export growth during 2017 as against the global export growth of 3.94 per cent, despite facing challenges like demonetisation and GST.
Textile associations in India have welcomed the raised allocation for the sector in this year’s budget, saying it will help firms in many ways, including clearing pending rebate of state levies (RoSL) dues.
The Government’s recently introduced Rs 1300 crore (approx $203 million) textile scheme has been hailed by the industry stating the move will boost productivity and help the sector compete in global markets.
The Indian textile industry has expressed cautious optimism on the government decision to raise the incentive under the Merchandise Exports from India Scheme (MEIS) for readymade garments and made-ups.
The Southern India Mills’ Association (SIMA) will organise the 11th edition of TEXFAIR, a four-day international exhibition on textile machinery, accessories and spares from November 17 to 20 in Coimbatore.
In response to the government’s recent decision to reduce the duty drawback rate, the Tirupur Exporters Association has urged the government to reconsider, saying consequences could be dire for the city.