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Indian Textiles Ministry for raising duty draw back rate
20
Jan '14
Mr. K Sambasiva Rao
Mr. K Sambasiva Rao
The Ministry of Textiles has put forward a proposal to the Government to increase the duty draw back rate by five percent. This was disclosed by Textiles Minister K Sambasiva Rao on the sidelines of an event in Coimbatore.
 
Mr. Rao said the European Union’s decision to grant Generalized System of Preferences Plus (GSP +) status to Pakistan would help the neighbouring country’s textile industry and may impact the Indian textile industry as the EU is the largest textile market for India.
 
He said his Ministry has sent a proposal to increase the duty draw back given to exporters by five percent.
 
The Minister participated in the sixth convocation of Sardar Vallabhbai Patel International School of Textiles and Management (SVPISTM), inaugurated the PSG-SIMA Textile Technical Training Institute and released the SIMA’s GKD-1 Bt cotton seed.
 
He told reporters that India’s share is mere 4.5 percent in the global textile and apparel trade, while China’s share is 33 percent. However, there is an opportunity for Indian manufacturers to increase their exports as China is diverting its focus to other sectors.
 
The Minister predicted that India’s textile and garment production is likely to rise to US$ 220 billion by 2020 from the current $90 billion.
 
Established in 2002, SVPISTM is an autonomous body set up under the aegis of Ministry of Textiles, Govt. of India. Recently, the Institute has emerged as the centre for innovation, incubation and entrepreneurship to help innovators in successfully commercializing their innovation through an enterprise. 
 
The Southern India Mills’ Association (SIMA) GKD-1 Bt cotton seed, named after late GK Devarajulu who served as SIMA chairman in 1958-60, has been developed in collaboration with Mahyco Monsanto Biotech. 
 
SIMA-Cotton Development and Research Association (CDRA) has entered into an agreement with Hyderabad-based Kaveri Seed Company, a sub-licencee firm of Mahyco-Monsonto, to co-market the new seed.
 

Fibre2fashion News Desk - India


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