Industry believes that as the textile and apparel industry is facing challenges, especially a fall in overseas orders, the Government can announce fiscal incentives by the end of this year. The incentives could come under the production linked incentive (PLI) scheme.
India’s textile and apparel exports fell nearly 14 per cent to US $ 11.25 billion in April-July, the first four months of the current fiscal year to 31st March 2024.
T. Rajkumar, Chairman of the Confederation of Indian Textile Industry (CITI) said that the government could make an announcement by December.
He shared this referring to industry representatives’ meetings with textile and finance ministry officials earlier this month.
Indian textile and apparel industry has urged the Government regarding the fiscal incentives for smaller manufacturers under the PLI scheme.
Rakesh Mehra, President of Indian Spinners Association, said the industry needed Government support and signing of proposed free trade agreements with the EU and Britain to boost exports.
He said that in the election year, the Government will surely support the sector that offers jobs to millions to workers. As per him nearly one-third of spinning units have cut production leading to fears of job losses.
Sunil Patwari, Chairman, Texprocil said that for improving the quality and production of cotton there should be a total embargo on illegal seeds. The Government should remove duty from cotton at least for six months during April to September. It’s the right time for the Government to reduce hank yarn obligation to provide relief to spinning sector.
