Home / Knowledge / News / Textiles / Incentives for tapping newer markets in T&C sector on anvil

Incentives for tapping newer markets in T&C sector on anvil

18
Jun '09
Mr. Dayanidhi Maran, Union Minister of Textiles, said that the Government would extend a helping hand to the industry to seek opportunities in the new markets to reduce their dependence on traditional markets like the US and Europe. That will also help the industry to withstand the competition from neighboring countries and overcome protectionist measures being adopted by developed countries.

The Minister was addressing the textile industrialists in the country today in New Delhi at meeting was organized jointly by CITI, TEXPROCIL, AEPC and SRTEPC. “There is a need to diversify textile and clothing exports to new markets like Gulf Cooperation Countries (GCC), namely Bahrain, Kuwait, Oman, Saudi Arabia, Qatar and UAE, Latin America, Russia and Oceania,” he added. He also mentioned that the export markets in the US and Europe are showing signs of recovery.

Mr. Maran disclosed that the Government would take steps in the short, medium and long terms to provide relief to the industry. As a part of the short term strategy, the Government would strive to rationalize fiscal structure, exempt service tax, reduce interest rates on pre and post shipment credit and facilitate faster clearance of arrears of terminal excise duties and Central sales tax. The medium strategy envisages the inducting momentum to the implementation of Technology Upgradation Fund Scheme, Scheme for Integrated Textile Parks and Technology Mission in 11th Five Year Plan period. In the long run, there is a need for improvement in the infrastructure, labor law reforms and to create a new business orientation by the industry in line with the global trends.

The Textile Minister said that his ministry would initiate consultation process immediately with the stakeholders to form a National Fibre Policy. He called upon the industry to give inputs to frame the policy. “I humbly request industry to come forward and let there be a single forum representing the wide spectrum of textiles interest. Time is essence and let us move forward,” he added. The Minister also opined that the domestic consumption of T&C sector has been adversely affected and the Government is looking ways and means of increasing the demand.

Earlier the Minister released a study commissioned by the industry associations – CITI, TEXPROCIL, AEPC and SRTEPC- and undertaken by ICRA Management Consulting Services (IMaCS). (Highlights of the study is being separately sent along with the release)

While addressing the meeting, Ms. Rita Menon, Union Textile Secretary highlighted the problems being faced by the textile industry, such as glitches on the banking front like high interest rates, tariff related issues, TUFs, incidence of state level taxes etc. She wanted more structured responses from the textile industry in terms of augmenting exports and imparting skills to more number of people to improve their employability in the textile industry. She also underscored the need for industry orchestrating their problems in a cogent manner so that their problems are heard and appropriate actions taken.


Must ReadView All

Pic: Shutterstock

Textiles | On 24th Aug 2019

US firms told to leave PRC after tariff hike announcement

China on August 23 announced tariff hikes on $75 billion worth US...

Finance minister Nirmala Sitharaman addressing a press conference. Pic: PIB

Textiles | On 24th Aug 2019

Pending GST refunds for MSMEs within 30 days: Indian FM

All pending goods and services tax (GST) refunds that are due to...

Pic: Shutterstock

Retail | On 24th Aug 2019

Amazon to acquire 49% stake in India’s Future Coupons

US e-commerce company Amazon has agreed to make an equity investment...

Interviews View All

Top executives, Machinery Company

Top executives
Machinery Company

We will promote latest technologies at ITMA Barcelona

Top executives, Textile industry

Top executives
Textile industry

The budget will give major impetus to textile and apparel consumption

Top executives, Textile industry

Top executives
Textile industry

Sri Lanka has a good sustainable track record and strong stories to back it

Fiorella Cattelan,

Fiorella Cattelan

With flexibility and versatility, Dettin strives to meet the specific...

Urmil Arya,

Urmil Arya

Sushila International, a well established textile organisation established ...

Davide Maccabruni,

Davide Maccabruni

Schärer Schweiter Mettler (SSM) manufactures and supplies textile...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Sanjukta Dutta, Sanjukta's Studio

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

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

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


August 2019

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

news category


Related Categories:

Advanced Search