In order to meet the demand of the non-cotton fashion industry, the textile millers in Bangladesh have demanded a withdrawal of value added tax (VAT) and import duty on all kinds of manmade fibres (MMF).
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According to US Census Bureau, exports from Cambodia to the US were $6.6 billion in 2020, which was 22.79% higher than that of last year. Q1 of this year saw total exports of $1.86 billion even amid stoppages.
The new Modi Government seems to really mean business. The Textile Draft Policy, which is very comprehensive, signals the governments serious intent towards the textile industry.