Covid-19 virus that has thrown the economic activity out of gear across the world has also halted the Indian textile industry to a grinding halt.
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Going forward, the textile industry scenario will depend on how the situation evolves in the domestic and international markets and faster return to normalcy will enable the industry to curtail the damages and improve on its growth prospects.
The Ministry of Textiles has issued a notification extending the Scheme of Rebate of State and Central Taxes and Levies on Export of Garments and Made-ups (RoSCTL), which was in force up to March 31, 2020.
Ashwin Chandran of SIMA thanked Smriti Irani for the intervention, enabling CCI to offer volume based bulk discounts for its 2018-19 cotton and protecting the interests of MSME spinning mills by offering the discounts from 500 bales and restricting the same at 10,000 bales.
Textile industry has something to cherish in the Budget with the abolition of ADD on PTA imports, prioritisation of technical textiles sector, review of rules of origin in FTAs to curb imports from Bangladesh, and RoDTEP, NIRVIK and other measures taken.
Textile industry has something to cherish in the Budget with the abolition of ADD on PTA imports, prioritisation of technical textiles sector, review of rules of origin in FTAs to curb imports from Bangladesh, and RoDTEP, NIRVIK and other measures taken.
Ashwin Chandran, Chairman, The Southern India Mills’ Association (SIMA) has thanked the Duty Drawback Committee and the Government for considering the inputs given by the textiles and clothing industry and enhancing the rates marginally across the value chain.