The relief package announced in 2016 helped the garments and made-ups sectors create around 2.5 lakh new jobs in the country. This was revealed by the Union Textile Commissioner Kavita Gupta, who was in Coimbatore (Tamil Nadu) recently to inaugurate the ‘Regional Office of the Synthetic & Rayon Textiles Export Promotion Council (SRTEPC)’ at SIMA (Southern India Mills’ Association) premises.
“The Government now wants to note a double fold increase in annual revenue to US $ 300 billion by 2025,” she added.
Notably, the readymade garment sector is the largest contributor to the country’s overall textile exports and employs about 12 million persons now.
The Textile Commissioner said various benefits have been announced by the Union Government including giving employer’s contribution to the employee provident fund (EPF) for new workers for those earning less than Rs. 15,000 per month during the first three years of employment. Government also made EPF for workers earning less than Rs. 15,000 monthly.
The Government had also relaxed the provision of 240 days employment per year for workers under Section 80JJAA of the Income Tax Act to150 days annually for the garment industry.
A new scheme was also introduced to refund the state levies which were not refunded earlier. The capital subsidy under amended TUFS (technology upgradation fund scheme) was increased to 25% from 15%.
The Textile Commissioner said that the new textile industry policies announced over the years will help the industry increase its revenue. However, the tumbling exports from the country remains a serious concern for many stakeholders.
