The unsettling trade situation between the world’s leading cotton exporter, United States of America and a leading user, China, should place India’s cotton and textile sector in a better situation.
Browsing: textile sector
The ongoing indefinite strike of transporters has cast a shadow on the $130-billion textile industry, which is facing a staggering loss of up to Rs 1,500 crore. If the strike continues, the industry will have to curtail production, and it will affect the fund flow, credibility and reputation on the export front as India is one of the largest exporters of garments and other textile products.
Intertek, a leading total quality assurance provider to industries, jointly with the Bangladesh Garment Manufacturers and Exporters Association (BGMEA),etc.
Most of the industries in textile sector are unaware about the government schemes and benefits that they are offering to the industries, says Dr Kavita Gupta
Union Minister Smriti Irani said the textile sector has attracted up to Rs 27,000 crore investments since the announcement of incentive package last year, and is likely to get more investment from international and domestic markets going forward.
Indian Textiles Minister Smriti Irani recently announced a proposal to jointly set up a yarn depot with the Uttar Pradesh government to give a further boost to the textile sector in the State, which garnered proposals worth Rs 7,000 crore in the run-up to the two day investors’ summit that concluded in state capital Lucknow on February 22.
Union Minister Suresh Prabhu unveiled the Central government’s Rs 2,600 crore package for the leather and footwear industry, saying it had the potential of generating over three lakh jobs and formalising another two lakh in the next three years.