Why we can ex­pect a strong turn­around in Tex­tile & Cloth­ing Sec­tor in com­ing months…

Apparel Online - - Lead Story -

Scheme for Ca­pac­ity

Build­ing in Tex­tile Sec­tor (SCBTS) named ‘SA­MARTH’ un­der Min­istry of Tex­tiles, with a huge out­lay of Rs. 1,300 crore along with other par­al­lel skilling pro­grammes by the Gov­ern­ment, will go in a big way to re­duce the skill gap of the in­dus­try, and more specif­i­cally pro­vide a value-added em­ploy­ment op­por­tu­nity to ru­ral women.

De­val­u­a­tion of ru­pee by 9% in the last few months, will make the in­dus­try com­pet­i­tive glob­ally and im­ports dearer.

Im­port duty on about 400 items be­ing en­hanced, will pro­vide re­lief to the in­dus­try which was post-GST hit by huge im­ports due to im­port bar­ri­ers re­duc­ing sig­nif­i­cantly.

Two im­por­tant GST de­ci­sions in last 3 months which have al­lowed re­fund of ex­cess

ITC to the pro­cess­ing and fab­ric in­dus­try, have re­duced the cost of fab­ric by 3-4%, es­pe­cially MMF fab­ric.

Re­lief to the SME man­u­fac­tur­ers (in­dus­try is largely pop­u­lated by SME) by eas­ing the GST Re­turns pro­ce­dure and other GST Re­forms.

Ac­cel­er­at­ing the re­fund of GST dues to the in­dus­try, which has eased work­ing cap­i­tal pres­sures on the in­dus­try.

Do­mes­tic de­mand pick­ing up due to set­tling down of GST sys­tems, ru­ral de­mand pick­ing up due to MSP in­crease and good mon­soons.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.