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Textile sector faces up to Rs 1,500-cr losses
The ongoing indefinite strike of transporters has cast a shadow on the $130-billion textile industry, which is facing a staggering loss of up to Rs 1,500 crore. If the strike continues, the industry will have to curtail production, and it will affect the fund flow, credibility and reputation on the export front as India is one of the largest exporters of garments and other textile products.
GST Council allows ITC refund to fabrics
The Goods and Services Tax (GST) Council at its 28th meeting held under the chairmanship of Union minister for railways, coal, finance and corporate affairs Piyush Goyal has recommended for allowing refund of input tax credit (ITC) to fabrics. The refund of accumulated ITC shall be with prospective effect on purchases made after notification is issued.
Make in India:Is it happening?
Make in India has been a major programme of our Prime Minister and rightfully so as we have truly lagged behind in the manufacturing sector. There have been many conferences, programme and discussions on the same ´ the press is always full of mention of Make in India. We ourselves are a manufacturer who sell domestically and also export across the globe.
Achhe din kab aayenge?
I remember a presentation I made in China last June, where I proudly claimed that Indian textile industry would be well off even with less purchase of cotton and yarn by China. We all were buzz with optimism and were ranting the Indian consumption story.
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