Despite being the second-largest textile manufacturer in the world, India faces many challenges and competition, which can be resolved with central government incentives, structural reforms and lower import duty.
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Textile industry plays a very important role in spinning the economy’s growth wheels by being the second largest employment generator (after agriculture) and accounting for seven per cent of industrial output in value terms, 12 per cent of the country’s export earnings and two per cent of India’s GDP.
Exploring new markets, digitisation, state of the art infrastructure and boost in R&D can reposition India as a leader in the global textile industry.
Ministry of Textiles is contemplating a New Textile Policy. At present, New Textile Policy has not been finalised and it is at draft stage.
To boost exports, government has announced a scheme namely “Scheme for Remission of Duties and Taxes on Exported Products†(RoDTEP) to all export goods, including textiles and garments with effect from 1st January, 2021.
Ministry of Textiles is contemplating a New Textile Policy. At present, New Textile Policy has not been finalised and it is at draft stage.
To boost exports, government has announced a scheme namely “Scheme for Remission of Duties and Taxes on Exported Products†(RoDTEP) to all export goods, including textiles and garments with effect from 1st January, 2021.