Home / Knowledge / News / Textiles / FICCI hails govt's steps to address textile industry woes
FICCI hails govt's steps to address textile industry woes
24
Jul '18
The Federation of Indian Chambers of Commerce and Industry (FICCI) has welcomed the recent multi-faceted measures taken by the government to address the problems of the textile industry. The government has recently hiked import duty on several textile products, while the GST Council decided to refund input tax credit to fabrics, and reduced GST for carpets.

“Increase in import duty on 76 textile items from 10 per cent to 20 per cent and GST reduction on carpets and handicraft items have given a big relief to domestic textile, carpet and handicraft manufacturers,” said Shishir Jaipuria, chairman, FICCI Textiles Committee.

Jaipuria stated that the garment and carpet industry was under immense pressure after implementation of GST. “After GST, substantial drop in import duty was observed which has encouraged cheaper imports. It is also worth noting that total imports of textiles and garments increased in 2017-18 ($7 billion) by 16 per cent in comparison to 2016-17 ($6 billion). Total import of garment alone increased by 30 per cent in 2017-18 in comparison to 2016-17.”

However, imports from Bangladesh is an area of concern for the industry, said Jaipuria. Due to full exemption of basic customs duty from Bangladesh and also due to lack of regional cumulation clause under the treaty, third countries’ raw material and fabrics are getting benefitted indirectly. Imports from Bangladesh have increased by 44 per cent in 2017-18 in comparison to 2016-17.

“The government may consider imposition of regional cumulation clause in Rules of Origin on the countries that have FTAs with India to safeguard garment industry further as cheaper fabric of third countries enter India through these countries,” he suggested.

He also felt the need to increase the import duty on MMF spun yarn as import of MMF yarn-based fabric also increased sharply after GST implementation. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 23rd Jun 2021

Bangladesh looking to export resortwear & leisurewear to Maldives

The Bangladesh Garment Manufacturers and Exporters Association...

Pic: JHVEPhoto / Shutterstock.com

Fashion | On 23rd Jun 2021

PVH Corp to sell Van Heusen, Arrow brand trademarks to ABG

US’ clothing firm PVH Corp has entered into a definitive agreement to ...

Pic: Filati Biagioli Modesto

Fashion | On 23rd Jun 2021

Italian fashion houses Prada & Zegna acquire Filati Biagioli Modesto

Italian fashion companies Prada Group and Ermenegildo Zegna Group...

Interviews View All

Florian Heubrandner, Lenzing AG

Florian Heubrandner
Lenzing AG

Cannot see the world breaking away from cotton & polyester

Textile Industry, Head honchos

Textile Industry
Head honchos

Donating 20,000 N95 masks to hospitals & NGOs

Textile Industry, Head honchos

Textile Industry
Head honchos

Strongly believe in 'people first' policy.

Barry Goodwin,

Barry Goodwin

UK based Amba Projex Ltd designs, manufactures, and installs industrial...

Harleen Kaur,

Harleen Kaur

Established in 2017 and headquartered New York, the label Harleen Kaur...

Rishav Bajoria & Subham Sengupta,

Rishav Bajoria & Subham Sengupta

Launched in October 2020, the Gumti app could not have come at a more...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Andreas Lukas, Andritz Nonwoven

Andreas Lukas
Andritz Nonwoven

With forces in engineering and process development, Andritz Nonwoven...

Robert Brookins, Alexium International

Robert Brookins
Alexium International

Alexium International is a specialty chemical development company...

Sandeep Gonsalves & Sarah Gonsalves, Sarah & Sandeep

Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep

Established in 2012, Sarah & Sandeep is a luxury menswear label...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

Designer <b>Suman Nathwani</b> talks about her journey of opening 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


June 2021

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


Advanced Search