Ministry of Textiles is contemplating a New Textile Policy. At present, New Textile Policy has not been finalised and it is at draft stage.
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Sanjay Garg, President NITMA , welcomed the proposal of Union Budget 2021-22 as the grant to textile and clothing sector is budgeted at Rs 3,631.64 crore which is about 10 per cent higher than previous year’s revised budget of Rs 3,300 crores in 2020-21.
Most of the textile companies have been under severe stress ever since the Covid pandemic struck Indian and the global economy causing economic slowdown.
The Polyester, Textile and Apparel (PTA) users industry wished the government to consider single GST for the complete textile industry.
The Clothing Manufacturers Association (CMAI) of India has urged the Centre to reduce GST on all readymade garments to 5 per cent from 12 per cent and retain the same on all types of cotton yarn, synthetic yarn, fabrics and made-ups.
The Clothing Manufacturers Association (CMAI) of India has urged the Centre to reduce GST on all readymade garments to 5 per cent from 12 per cent and retain the same on all types of cotton yarn, synthetic yarn, fabrics and made-ups.