Free trade agreements (FTAs) with Australia, Canada, the United Kingdom and the European Union (EU) will help boost India’s textile exports, according to the Apparel Export Promotion Council (AEPC), whose chairman A Sakthivel recently said the government should pursue FTAs with these countries as they hold tremendous potential for India’s exports.
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The Union Government has assured the textile and clothing industry that it will identify Central and State embedded taxes and work out a reimbursement scheme soon.
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.
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.
Finance Minister Arun Jaitley in the Union Budget 2018-19 raised special package by 19 per cent to Rs 71.48 billion for apparel sector to boost exports. In 2016, the government had announced a special package of Rs 60 billion for the same purpose.
Pratibha Syntex Ltd (Pratibha), a vertically integrated, sustainability oriented manufacturer of knitted textile products, announced that Apparel Export Promotion Council (AEPC) has bestowed it with prestigious Gold Trophy for Highest Global Exports 16-17 in the category of apparel exports above Rs 100 crore and up to Rs 500 crore and formidable Award for Environmental Sustainability during a programme held at New Delhi.
The Apparel Export Promotion Council (AEPC) has welcomed the announcement of Gujarat Government to extend its textile policy by one year.