The knitwear sector of India will get a special package in about 2 months' time, according to a top official. The industry can expect the package to ensure a level playing field, considering it faces tough competition from various countries like China due to lack of technology upgrades and automation. The government has already been working on the package.
The government representatives had met stakeholders for the knitwear package on June 5 to hold consultations on the package's draft scheme. The suggestions will be taken into account to determine the size of the package. The guidelines for the same will be announced in the next two months, Anant Kumar, secretary in the ministry of textiles, told a news agency.
Union textiles minister Smriti Irani had said during a press briefing last month that the government is currently working on package that will help the knitwear sector cope with challenges it is facing.
The knitwear sector of India will get a special package in about 2 months' time, according to a top official. The industry can expect the package to ensure a level playing field, considering it faces tough competition from various countries like China due to lack of technology upgrades and automation. The government has already been working on the package.#
A special package of Rs 6,006 crore for textile and apparel industry was approved by the government in June 2016. Made-ups segment was also included in the package in December last year. The package aims to attract investments to the tune of $11 billion, generate $30 billion in exports and create 1 crore new jobs in the next three years. (KD)
Fibre2Fashion News Desk – India
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