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Volatile & declining markets impact Indian textile industry
The 57th AGM of the Confederation of Indian Textile Industry (CITI) held in Mumbai portrayed a dismal picture of the textile industry in India. It was none other than the Chairman, Prem Malik, who painted and highlighted the negative trends that are smothering all the hopes for the textile industry.
Knitted fabrics excluded from MEIS benefits!
The government has announced a revised list of textile products eligible for benefits under Merchandise Export from India Scheme (MEIS).The fresh list issued by the DGFT included exports of cotton fabrics to Bangladesh and Sri Lanka for 2% credit benefits, but excluded value-added items like knitted fabrics under MEIS scheme.
Cotton industry deserves higher incentives: Texprocil
Cotton yarn exports touched $4.5 billion, and cotton fabric $2.13 billion during 2013-14. Cotton home textiles achieved exports of $4.79 billion, according to TEXPROCIL (Cotton Textiles Export Promotion Council.)
Boost to purchasing power
The budget has a progressive tone. The impetus on boosting manufacturing, infrastructure, inland fisheries and agriculture sectors bode well as this would aid in boosting the economy as a whole.
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