Benefits of automation are clear and visible. However, capital intensive nature of the textile industry and lack of availability of funds are hampering adoption of automation in India. But Indian textile industry has no choice but to invest in modern technologies to stay relevant in the global textile value chain, says Rakesh Rao.
Browsing: MEIS
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 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).
The Cotton Textiles Export Promotion Council (Texprocil) has welcomed the Government’s decision to amend the Incremental Exports Incentivisation Scheme (IEIS) and the Merchandise Exports from India Scheme (MEIS). The Government removed the restriction under IEIS last week. “The decision of the Government to issue duty credit scrips under the IEIS without any restriction will certainly improve the cash flow of the exporters,†Texprocil Chairman RK Dalmia said.
For the man-made fibre industry (MMF) in India, its disgruntlement is turning into unceasing aggression. The reasons are many: China exports 65 per cent of manmade textiles out of its exports of $650 billion while India´s share of manmade textiles is hardly 20 per cent out of its exports of $40 billion.