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.
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South India’s cotton knitted garments capital, Tirupur, is struggling to step up production as demand for personal protective equipment such as masks and bodysuits has thrown up a $2 billion business opportunity.
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.
The Government’s decision to withdraw the Merchandise Exports from India Scheme (MEIS) with retrospective effect is likely to erode profit margins of textile players. It will also impact exports and fresh investment in the sector.
Textile industry plays a significant role in the economy contributing to over 13 per cent of the industrial output, over 2 per cent to the GDP of India.
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.
The government encourages exports by refunding various taxes and levies so as to make all the exporting commodities remain competitive in the globalised environment.