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

Pakistan’s FBR imposes 5% sales tax on cotton import

Textiles | On 21st Jul 2018

Pakistan’s FBR imposes 5% sales tax on cotton import

Pakistan’s Federal Board of Revenue recently withdrew sales tax...

Bangladesh drafts policy for Tk1,000 cr govt jute fund

Textiles | On 21st Jul 2018

Bangladesh drafts policy for Tk1,000 cr govt jute fund

Bangladesh will set up a Tk10,000-crore Jute Sector Development Fund...

Cross-border e-com pilot zones in 22 Chinese cities

Apparel/Garments | On 21st Jul 2018

Cross-border e-com pilot zones in 22 Chinese cities

As part of its ‘firm commitment’ to open up, China has identified 22...

Interviews View All

Priyanka
Studio Priyanka Rajiv

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

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Ashok Desai
Bombay Textile Research Association

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Igor Chapurin
Chapurin

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

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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


July 2018

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

news category


Related Categories:

Advanced Search