Home / Knowledge / News / Textiles / Indian Textiles Ministry for raising duty draw back rate
Indian Textiles Ministry for raising duty draw back rate
20
Jan '14
Mr. K Sambasiva Rao
Mr. K Sambasiva Rao
The Ministry of Textiles has put forward a proposal to the Government to increase the duty draw back rate by five percent. This was disclosed by Textiles Minister K Sambasiva Rao on the sidelines of an event in Coimbatore.
 
Mr. Rao said the European Union’s decision to grant Generalized System of Preferences Plus (GSP +) status to Pakistan would help the neighbouring country’s textile industry and may impact the Indian textile industry as the EU is the largest textile market for India.
 
He said his Ministry has sent a proposal to increase the duty draw back given to exporters by five percent.
 
The Minister participated in the sixth convocation of Sardar Vallabhbai Patel International School of Textiles and Management (SVPISTM), inaugurated the PSG-SIMA Textile Technical Training Institute and released the SIMA’s GKD-1 Bt cotton seed.
 
He told reporters that India’s share is mere 4.5 percent in the global textile and apparel trade, while China’s share is 33 percent. However, there is an opportunity for Indian manufacturers to increase their exports as China is diverting its focus to other sectors.
 
The Minister predicted that India’s textile and garment production is likely to rise to US$ 220 billion by 2020 from the current $90 billion.
 
Established in 2002, SVPISTM is an autonomous body set up under the aegis of Ministry of Textiles, Govt. of India. Recently, the Institute has emerged as the centre for innovation, incubation and entrepreneurship to help innovators in successfully commercializing their innovation through an enterprise. 
 
The Southern India Mills’ Association (SIMA) GKD-1 Bt cotton seed, named after late GK Devarajulu who served as SIMA chairman in 1958-60, has been developed in collaboration with Mahyco Monsanto Biotech. 
 
SIMA-Cotton Development and Research Association (CDRA) has entered into an agreement with Hyderabad-based Kaveri Seed Company, a sub-licencee firm of Mahyco-Monsonto, to co-market the new seed.
 

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: Connor Group

Textiles | On 21st Jun 2018

Protectionism top threat to textile sourcing: William Connor

Protectionism is the biggest political factor and threat affecting...

Courtesy: Tintex

Textiles | On 21st Jun 2018

'Price ratio is key factor for knitted fabrics market'

The price ratio is a key factor for the global knitted fabrics market ...

Leisure sneakers lead US footwear sales: The NPD Group

Apparel/Garments | On 21st Jun 2018

Leisure sneakers lead US footwear sales: The NPD Group

Leisure sneakers dominated US footwear sales between May 2017 and...

Interviews View All

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search