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.
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The textile industry has expressed shock and anguish over the withdrawal of four per cent incentive given under the Merchandise Export Incentive Scheme (MEIS) on made-ups and garments, with retrospective effect from March 7, 2019.
The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) is one of the oldest Export Promotion Councils in India. The council has played a transforming role over the years, inculcating export culture and promoting exports of Indian man-made fibre (MMF) and textiles.
The year 2019 was challenging for the Indian textile industry with exports of textile & apparel declining by 4.3 per cent to $22 billion in the first seven months of FY2020 (April-November); thus, impacting the textile machinery segment as well.
Indian textiles and clothing industry, the second largest employment provider (around 11 crore people) next only to agriculture was the second largest exporter in the world during 2017, now it has slipped to 5th position due to global recession especially in the aftermath of US-China trade war and the tariff concessions extended for the competing Nations like Vietnam, Bangladesh, Pakistan, etc.
Dr KV Srinivasan, Chairman, Texprocil stated that exports cotton yarn from India in the first quarter of April-June 2019 have fallen by a steep 33 per cent.
Dr KV Srinivasan, Chairman, Texprocil stated that exports of cotton yarn from India in the first quarter of April-June 2019 have fallen by a steep 33 per cent. From 338 million kg for the period April-June 2018 to 226 mn kg in April-June’19.