September 27, 2022

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India’s growth as textile mfg hub to rely on attractiveness of domestic market, Retail News, ET Retail

New Delhi: India’s development as a production hub for textiles will count on the attractiveness of its domestic marketplace and on investments in superior-conclusion textile machinery, items in rising locations like complex textiles and person created fiber (MMF), the federal government explained on Monday. In its year-conclusion review of the textile sector, the Ministry of Textiles outlined various initiatives taken during 2021 together with approving the setting up of seven Pradhan Mantri Mega Integrated Textile Area and Clothing (MITRA) Parks with a total outlay of Rs 4,445 crore.

“The federal government has notified uniform items and companies tax rate at 12 per cent on MMF, MMF yarn, MMF fabrics and attire that has dealt with the inverted tax structure in the MMF textile price chain. The transformed premiums will arrive into result from 1 January, 2022,” the Ministry said.

This will support the MMF segment improve and arise as a large job provider in the country, it extra.

Below PM MITRA Parks, entire world-course industrial infrastructure would appeal to reducing edge technologies/scale and FDI / local financial commitment in the sector, the textile ministry said.

PM MITRA Parks will crank out close to 1 lakh direct and two lakh indirect work per park, it extra.

The ministry also highlighted that the Generation Joined Incentive (PLI) plan for textiles is specifically concentrated at superior price and growing MMF and complex textiles segments of textiles price chain.

It explained the Centre’s move to approve continuation of Rebate of State & Central Taxes and Levies (RoSCTL) plan up to March 2024 is set to enhance export competitiveness of Indian attire and created-ups.

“The domestic textile and attire creation is approx USD one hundred forty billion together with USD 40 billion of Textiles and Clothing export. The textile and attire industry contributed two per cent in the over-all GDP of India in 2019 and 11 per cent to total production in GVA,” the ministry said.