Home / Knowledge / News / Textiles / SIMA hails Interest Equalization Scheme
SIMA hails Interest Equalization Scheme
20
Nov '15
P Nataraj
P Nataraj
The Southern India Mills' Association (SIMA) has thanked the Central Government for sympathetically considering the pleas of the industry and announcing Interest Equalization Scheme by extending 3 per cent interest subvention for all the fabrics and made-ups under the scheme.

The inclusion of fabrics and large number of countries under 2 per cent MEIS export incentive scheme, enhanced duty drawback rates for value added products, particularly garments and the approval of 3 per cent benefit under Interest Equalization Scheme would enable the Indian textiles and clothing industry would improve the competitiveness in the international market, SIMA Deputy Chairman, P Nataraj said in a press release.

The measure is a strong foundation for enabling India to become a global leader and a right step to achieve the Prime Minister's “Make in India” vision, he said.

Nataraj said India has the potential to reach a business size of over $300 billion by 2020 and create new jobs for over 100 million, if a level playing field is created in the globalized environment by making all the inputs including raw material are available on par with international prices and the Free Trade Agreements (FTAs) are concluded with various countries.

According to Nataraj, Indian textiles and clothing exports are struggling due to market access barrier as most of India's competitors could conclude their FTAs with major textile markets and India could not compete in the open market because of higher duties. The slowdown in the major global markets has made the situation worse for the Indian textile industry. Under this scenario, the various export benefits announced recently have come as great boost for the textile industry that has been 'ailing' since April 2014, he said.

In separate letters to the Prime Minister, Finance Minister, Commerce & Industry Minister and Textiles Minister, SIMA has appealed to them to conclude FTAs expeditiously with various countries so that India can achieve its potential growth rate. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

CB&I bags ethylene technology contract from Lianyungang

Textiles | On 21st Apr 2018

CB&I bags ethylene technology contract from Lianyungang

CB&I, a leading provider of technology and infrastructure for the...

Interviews View All

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

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


April 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search