The Budget 2018-19 is good in part for the textile industry thanks to corporate tax cut for MSMEs and higher allocation of ATUFS. The ITJ Cover Story takes stock of the Budget implications and the industry’s reactions.
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The clothes reflect the personality of individuals and can be used as a marker of a group, community, family, region and even country. Khadi is one such cloth that had played a key role in the freedom struggle of India and thus has been referred to as the ‘fabric of Indian independence’, narrate Shruti Gupta, Deepali Rastogi and Ritu Mathur.
Clothing is among the basic amenities required by the 1.2105 billion strong, and growing, population of India. The Indian textile industry, which caters to this need, has an estimated market size of $108 billion. There are two broad segments within the industry, namely the traditional hand-woven and hand-spun textile segments, and the modernised mill segment (Nair & Dhanuraj, 2016).
The special package was raised considering the fact that there were blockages of funds in previous year as very few GST refunds were cleared between July and December, says Avinash Mayekar.
Reducing power tariff and raising capital subsidy for spinning mills are two key aspects of the new Maharashtra Textile Policy, which takes forward the ‘Make in Maharashtra’ concept to strengthen the cotton industry.
Feedback from Bangladesh spinners details practical benefits of USTER® TESTER 6, the sheer speed of which without compromise on quality is hailed by all the spinners.
Dr A Sakthivel, well-known architect of Tiruppur knit cluster, has been unanimously elected as the vice chairman of Apparel Export Promotion Council (AEPC) for 2018-19. He has previously been the chairman of AEPC for three tenures in the year 1998, 2004 and 2012 and has also been a member of Executive Committee of AEPC for the last 35 years.
The Maharashtra cabinet has approved a new textile policy for 2018-2023 to attract investment of Rs 36,000 crore and generate 10 lakh jobs. Reducing power tariff and raising capital subsidy for spinning mills are two key aspects of the policy, which takes forward the ‘Make in Maharashtra’ idea to strengthen the cotton industry and silk business.