NEW DELHI : When finance minister Nirmala Sitharaman presented her first budget on 5 July last year, one crucial word was missing from her 20,189-word speech: Exports. This led to talk of a probable turf war between the finance ministry and the commerce ministry.
The Indian government recently approved setting up of a common facility centre (CFC) to support power loom units in Palladam and Somanur areas of Tamil Nadu.
Investment in large-scale facilities, new technologies and manufacturing excellence are the way forward for the Indian textile industry, according to a textile report titled ‘Winning in Disruptive Times’ by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Wazir Advisors. Global textile and apparel industry is going through disruptive times, it noted.
In spinning segment, margins could be under pressure for the rest of FY20, owing to the impact of volatility in fibre prices despite a gradual improvement in export demand.
"Textile industry has high hopes from Union Budget 2020. Growth in textiles is through 'Man Made Fibers'. Govt. has to remove hurdles for accelerating growth of MMF.
Mumbai (Maharashtra) [India], Jan 27 (ANI/BusinessWire India): Government has removed the benefit of 4 per cent MEIS on exports of Made-ups and Garments with retrospective effect from March 7, 2019.