The Southern Gujarat Chambers of Commerce & Industry (SGCCI) is organising the first edition of Yarn Expo 2018 from August 4-6, 2018 at the Surat International Exhibition & Convention Centre (SIECC), Sarsana, Surat. There will be around 80 exhibitors, all of whom are renowned yarn producing companies from all over India.
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India’s apparel exports downturn may continue and is expected to decline by overall 10 per cent in FY19, a senior industry official said. In 2017-18 exports declined by 4 per cent to $16.7 billion.
The Budget 2018-19 is good in part for the textile industry thanks to corporate tax cut for MSMEs and higher allocation of ATUFS. The ITJ Cover Story takes stock of the Budget implications and the industry’s reactions.
Finance Minister Arun Jaitley in the Union Budget 2018-19 raised special package by 19 per cent to Rs 71.48 billion for apparel sector to boost exports. In 2016, the government had announced a special package of Rs 60 billion for the same purpose.
The year 2017 had a few demons that the textile industry needed to exorcise: Demonetisation and GST, which tore into the fabric of the small sector, the after-effects of which are still lingering on.
The Union Textile Ministry has recently announced Solar Energy Scheme for small powerloom units, by which the Indian Government will provide Rs 2.50 lakh subsidy per unit.
Misfortunes have come in battalions for textile exporters ? firstly GST dilemma, then, hardening of rupee and now the axe on duty drawback rates. An exclusive ITJ Report throws some light on the issue.