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While European textiles and clothing companies have been crucial in providing short-term relief in the crisis, such as converting their production or an increased production of PPE, now long-term goals need to be tackled that involve a renewal process of the sector and its value chain and a more competitive and greener future.
Textile industry under pressure
Going forward, the textile industry scenario will depend on how the situation evolves in the domestic and international markets and faster return to normalcy will enable the industry to curtail the damages and improve on its growth prospects.
Textile Industry: Locked down
Covid-19 virus that has thrown the economic activity out of gear across the world has also halted the Indian textile industry to a grinding halt.
TexMin extends RoSCTL scheme beyond March 2020
The Ministry of Textiles has issued a notification extending the Scheme of Rebate of State and Central Taxes and Levies on Export of Garments and Made-ups (RoSCTL), which was in force up to March 31, 2020.
India mulls extending RoSCTL to other textile products
India is mulling over extending the Rebate of State and Central Taxes and Levies (RoSCTL) for the garments and made-ups sector to other textile products because of the urgency to do away with the merchandise export incentive scheme (MEIS).
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