Home / Knowledge / News / Textiles / More good news in offing for textile sector from Govt.
More good news in offing for textile sector from Govt.
21
Nov '08
There is a piece of very good news for the beleaguered textile and garment industry in China. “The government will come out with more tax benefits and help channelize much needed finance to the industry”, said, Ou Xinqian, Vice-Minister, Ministry of Industry & Information Technology, while addressing a forum.

The Minister said, “Since July, the government has raised the export drawback rates twice now it will come with different credit and fiscal measures to help the badly affected textile and garment industry”.

But she categorically said that the onus lay at the doorsteps of the companies themselves to lift themselves out from this economic quagmire by innovating continuously and revisiting their strategies.

Annual growth of apparel exports has dropped to a miniscule 2.8 percent in the first ten months of the current year from the heady and high 22.9 percent achieved in the same period of the previous year.

In addition to the export rebates the state has also revised Value Added Tax (VAT) laws with a aim at reducing the tax outgo and has also set up a mechanism to providing loans to SMEs through government guarantees.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, 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
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search