India Inc welcomes deferment of GST hike on textiles, Retail News, ET Retail

New Delhi: India Inc on Friday welcomed the GST Council’s final decision to defer the proposed GST hike on textiles.

According to experiences, the council has deferred the proposal on the again of reservations from state governments and industry.

The proposal supposed to hike GST amount on apparel from 5 to twelve per cent.

“A big relief to the textile and outfits industry – we enter 2022 with a fresh bout optimism as the big concern recedes -A excellent and timely gift by the GST Council,” said Sanjay K. Jain, ICC Countrywide Textiles Committee Chairman and MD, TT Minimal.

“Cannot categorical in words the big relief we are sensation, after residing in concern from September.”

According to Bimal Jain, Chair of IDT Committee PHDCCI said the deferment will give a considerably required impetus and assist to the sector.

“Significant quantity of smaller and medium scale taxpayers ended up worried with

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Sangam India to invest Rs 137.2 cr for expansion of manufacturing facility, Retail News, ET Retail

PV dyed yarn and seamless attire producer Sangam India Ltd (SIL) on Thursday announced a Rs 137.twenty five-crore approach for the growth of its manufacturing facility. This growth approach, permitted by the board of directors, will witness infrastructure growth at SIL’s manufacturing facility in Bhilwara, Rajasthan, the corporation mentioned in a statement.

The overall price of the growth task is funded partly by expression loans of Rs 102 crore and harmony Rs 35.twenty five crore by inner accruals.

The go is aimed at expanding the potential of their cotton yarn business by 47 for each cent and knitted cloth business by 28 for each cent.

The growth is expected to enhance the company’s revenue by fifteen for each cent from 2022-23.

The growth programme will end result in the installation of 32,832 spindles and six knitting machines for the manufacturing of cotton yarn and knitted cloth.

Sangam India Controlling Director

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Cost as well as trust should be base of global supply chains: India



The COVID-19 pandemic highlighted that supply chains should not only be based on cost but also on trust, according to Indian minister for commerce and industry Piyush Goyal, who recently said ensuring transparent, trustworthy and resilient supply chains is at the core of trade revival and India emerged as a source of resilience and a trusted partner.

Goyal, who is also in charge of consumer affairs, food and public distribution, and textiles portfolios, was delivering the keynote address at the Bank of America’s flagship virtual conference on the topic ‘Shifting supply chains globally: Could Make in India see success?’.

The minister said supply and demand disruption induced by the pandemic has forced manufacturers everywhere to reassess supply chains.

The COVID-19 pandemic highlighted that supply chains should not only be based on cost but also on trust, according to Indian minister for commerce and industry Piyush Goyal, who recently

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Only manufacturing firms registered in India to be eligible under Rs 10,683-cr PLI scheme for textiles sector, Retail News, ET Retail

New Delhi: Only production firms registered in India will be eligible to participate under the just lately accepted Rs 10,683-crore output-connected incentive (PLI) plan for the textiles sector, in accordance to a notification of the textiles ministry. Notifying the plan, the ministry also explained that collaborating firms will have to undertake processing and operation actions in their personal factory premises.

It included that the turnover achieved from investing and outsourced position perform will not be accounted for though calculating promises for availing the incentive.

The merchandise which are created by the business registered under the plan shall only be eligible for the incentives, it explained incorporating merchandise created by other producers or units of the similar group business shall not be accounted for in the calculation of incremental turnover.

“Only production firms registered in India will be eligible to participate under the plan,” the notification has explained.

Incentives under the

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Welspun India to invest Rs 800 crore on capacity enhancement over next two years, Retail News, ET Retail

Welspun India has said it is searching to devote about Rs 800 crore on capability expansion of its house textiles and flooring enterprises over the up coming two a long time. Welspun India, the country’s major house textiles manufacturer, would devote Rs 656.five crore on its house textiles business expansion throughout FY’22-23. Its options include things like augmenting its towel production capability by twenty for every cent to meet up with the expanding demand from the overseas buyers.

The board of the organization in a meeting held on Saturday accredited options to increase towel production capability at its Anjar, Kutch (Gujarat)-dependent plant to 1,02,000 metric tonnes for every annum (MTPA) from the existing eighty five,four hundred MTPA.

“Holding in view the recent development of buyers concentrate to observe the complete benefit chain i.e., ‘Farm to Shelf’, the board has accredited an financial commitment in 40 looms for towel material at

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Export promotion policy of TN, India targets $100 bn revenue by 2030

With an export revenue target of $100 billion by 2030, south Indian point out Tamil Nadu’s chief minister MK Stalin a short while ago unveiled the state’s Export Advertising Policy. A two-pronged method — export advertising and export diversification — will be adopted. Two economic work enclaves will be created in Manaellore and Thoothukudi for well balanced export growth.

Talking at the Tamil Nadu Exports Conclave, Stalin claimed the point out must get back the glory of worldwide trade it loved in historical periods.

The coverage has determined ten export hubs and shall strengthen export related widespread infrastructure assignments in these hubs by reimbursing twenty five for every cent of the venture price tag, subject to a ceiling of ₹10 crore for every hub, in accordance to media reviews from the point out.

With an export revenue target of $100 billion by 2030, south Indian point out Tamil Nadu’s chief

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