India’s textile exports have plateaued during the past five to seven years. The domestic textile and apparel industry, including handicrafts, stood at $140 billion in 2018, of which $40 billion was exported to the world market.
Browsing: garments
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.
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.
India is mulling over extending the Rebate of State and Central Taxes and Levies (RoSCTL) for the garments and made-ups sector to other textile products because of the urgency to do away with the merchandise export incentive scheme (MEIS).
Garment Industries face many global challenges due to various factors including competition, higherproduction costs, less productivity and labour attrition.
In the post-GST implementation period, the exports of garment and made-ups have been struggling due to inadequate export benefits and tariff barriers in the global market.
Textile mill electric drives help in controlling the speed of rotation of an electrical machine, helping in optimising the motion control. Therefore, assembly of an electric motor with sophisticated control systems controlling the rotation of the motor shaft is the typical drive system used in the textile mill electric drives market.