This announcement was made during an event organised by the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC).
Piyush Goyal, Commerce and Textiles Minister, announced that a goods showroom and warehouses for Indian goods would be established in the United Arab Emirates (UAE). He mentioned that the planned ‘Bharat Park’ aims to facilitate other countries worldwide in purchasing Indian goods. This announcement was made during an event organised by the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC).
Expressing his concerns about Free Trade Agreements (FTAs) with Japan, Australia, UAE, and South Korea, Goyal remarked that the utilisation of benefits is quite low in India. Additionally, he informed that the Bureau of Indian Standards (BIS) is allocating Rs 40 crore for the establishment of 21 testing laboratories throughout the country.
According to a statement from SRTEPC, the manmade fibre textiles sector is grappling with issues related to the inverted duty structure under the Goods and Services Tax (GST) regime. The statement pointed out that there is an 18% GST on fibres, 12% on yarns, and 5% on fabrics, leading to the accumulation of input tax credits with manufacturers, thereby increasing their costs.