New Delhi, May 30 (KNN) The Confederation of Indian Textile Industry (CITI), which is the only apex industry chamber covering the entire spectrum of the Textile and Clothing (T&C) industry for both domestic and export markets will submit the ‘White Paper’ to the new Union Textile Minister to provide policy support to the textile and industry.
In a press statement, Chairman of CITI, Sanjay K Jain said “CITI will submit its detailed White Paper on T&C Industry to the new Union Textile Minister the moment the Government is formed and request the Government to provide the much needed policy support to the T&C Industry to not only achieve the revolutionary initiative of ‘Make In India’ of the Prime Minister Narendra Modi Ji but also to make Indian T&C Sector a US$ 350 billion Industry by 2024-25.”
He stated that the last 5-year period has been a period of consolidation, policy disruptions and shaping up of a new India where many structural reforms took place in the Indian economy and also specifically in the T&C industry.
Jain opined that that T&C industry has gone through a phase of consolidation where exports stagnated, aggressive State policies directed investments and domestic demand was disturbed due to demonetisation, banking restructuring and implementation of Goods and Services Tax (GST).
CITI Chairman pointed out that India, which was the world's second largest exporter of T&C during 2014-17 after China, has fallen to 5th place in 2018 as Germany, Bangladesh and Vietnam has stepped in. India's T&C exports have declined from US$ 38.60 billion in 2014 to US$ 37.12 billion in 2018 while their imports have increased from US$ 5.85 billion to US$ 7.31 during the same period.
However, Jain stated that the textile industry and Indian economy both are in a very optimistic mood and looking for a start of the golden era where it will realize its true potential and lead to inclusive growth of the country with considerable employment opportunities, especially for the rural women workforce along with technically qualified skilled manpower.
The White Paper details all the needed steps, however CITI has also made a ten Point agenda to be addressed by the new Government on a priority basis, which includes extension of RoSCTL benefit for the entire textile value chain; Simplification of TUFS guidelines and clearance of all the pending subsidies in a time bound manner; Direct subsidy to cotton farmers should be introduced.
Besides this, it includes launch of TMC II (Technology Mission on Cotton) at the earliest; introduction of direct subsidy to cotton farmers; announcement of national fibre policy; mission mode approach for promoting the man-made fibre sector; reducing hank yarn obligation by half to 15 per cent; negotiating FTAs with developed and large markets like EU, Australia, Canada and Britain; ensuring level-playing field against competing countries like Bangladesh, Vietnam, Cambodia, Pakistan and Sri Lanka and addressing issues related to GST.
Published On : 30-05-2019
Source : Knn India
