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

Apparel/Garments | On 23rd May 2017

Gap Inc earns $3.4 bn in net sales in Q1 FY17

Gap Inc's net sales for the first quarter of fiscal year 2017 were...

Textiles | On 23rd May 2017

Grasim's VSF business net revenue up 12% in Q4 FY17

The viscose staple fibre (VSF) business of Grasim Industries has...

Apparel/Garments | On 23rd May 2017

Apparel, footwear use may rise by 63% in 2030: Report

The apparel and footwear consumption is projected to rise by 63 per...

Interviews View All

Karel Williams
Dow Microbial Control

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

Nitin Bhatia
Trend Arrest

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

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Kerem Durdag
Biovation II LLC

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Karan Arora
Karan Arora

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

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


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