Login ID:
Partner Login
Contact Us : 7066511911

Booster Dose For Indian Textile Sector

11 Jul 2020 6:31 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) – The textile sector – second-largest employment generator in the country (after the agriculture sector) is likely to undergo some drastic policy changes to get it back on its feet.

Sources reveal that a Government rescue package may include a technology upgradation fund of 300 million along with opening of special textile universities. Along with certain financial packages, most of the ports are likely to have warehouses to promote textile exports in the country.

It is to be noted that under ‘Aatmanirbhar Bharat’ campaign of the Centre, 12 sectors have been chosen along the lines to strengthen manufacturing and exports in the country.

Textiles happen to be one such sector in focus. India could go the China way, planning to set up an entire chain of textiles at one place. Government intends to lower the input cost through this measure which will lead to bigger orders for cheaper products, hence, manufactured.

Centre is working on the blueprint of mega textile park in the country.

Under ‘Vocal for Local’ and to promote ‘Brand India’, Union Government is focusing on utilization of high-level technology to manufacture quality products. This will require qualified manpower and highly trained textile professionals which is the reason behind the plan to set up textile universities.

Sources reveal that a list of nations is being prepared which are currently ot the traditional textile markets for India. India is primarily focusing on free trade agreement with European Union (EU) as well.

In the absence of stable and robust policies, Indian textile exports are currently facing stiff competition from Bangladesh, Indonesia and Vietnam.

Indian is the second largest cotton producing nation in the World and nearly 105 million people are directly and indirectly employed to the sector. The sector has 2% contribution to the GDP as well.

Having said so, Indian textile products fail to make an impression on the global platform. Thus, Centre is chalking out plans to promote ‘Brand India’ by providing aid to the manufacturers. Government is mulling over providing additional incentives to the textiles and garment exports.

The Government has also allowed the export of non-medical/ non-surgical masks of cotton, silk, wool, polyester and nylon (among other materials), and is currently considering allowing the export of personal protective equipment kits (PPEs), subject to restrictions.

(Commodities Control Bureau)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
LME Aluminium Near 6 Month Peak as Demand Recovers
Iron Ore Arrivals at Chinese Ports Fell 260,000 MT on W...
LME Copper Stays Range Bound as Investors Eye Next Cue
LME Copper Slips to 3-Week Low on Firm Dollar, Virus Sc...
Citi Sees Aluminium Prices Averaging $1,900/T Next Year...
Top 5 News
ICE Cotton Hits 3-Week Peak as Hot Weather Raises Quali...
Market Snapshot (MCX/NCDEX)
Palm Complex CPO (Oct 20) Emerging Signs of a Pull...
CBoT Soybean Ends Lower on Bearish Weather Outlook
ICE Raw Sugar Settles Firm Due to Strong Crude Oil, Bra...
Top 5 Special Reports
USD/INR (Aug 20) Testing Resistance Near 75.50 (the ...
USD/INR (Aug 20) Testing Resistance Near 75.50 (the ...
Weekly: Masoor Prices Firm This Week, Tur Weakens amid...
Weekly: ICE Cotton Races Ahead amid U.S. Crop Damage C...
Copyright © CC Commodity Info Services LLP. All rights reserved.