Textile industry will see growth in 2022: Sanjay Jain
According to Sanjay Jain Managing Director, TT Ltd, the government has planned many initiatives that are going to benefit the textile industry in the near future.
New
Delhi
According to Sanjay Jain, Managing
Director, TT Ltd, the government has planned many initiatives that are going to
benefit the textile industry in the near future.
In an interview
with FPJ Jescilia K, the CEO throws light on some topics regarding the journey
of the textile industry during the times of Covid-19. As per him, COVID brought
mixed emotions for the textile industry. Segments like cotton, apparel, and the
yarn did well as the prices of cotton went up by 50% which benefitted traders
and farmers. On the other hand, the garment sector like occasion-wear, formal
wear, and designer wear suffered losses.
In another
question, he said that for TT Limited the business had not been as bad as
the team expected. He feels that the initial 3-4 months were bad, but Q1 of
FY22 did well despite the second wave. He said that the company is trying to
restructure itself and make more casual and inner wear.
He feels that in
terms of GST, he wishes that the government finds a midway. As of now, the
man-made segment has to pay 12% while cotton has to pay 5%. He also said that
the government is trying to introduce the PLI scheme and the industry is
expecting that the government will come up with some long-term policies.
Source – The Free Press Journal (FPJ)
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https://indiantextilejournal.com/latest-textile-industry-news/sanjay-jain-bags-prestigious-award
