Finance minister Nirmala Sitharaman has announced in the Union Budget that exemptions are being provided to zippers, buttons and lining materials to incentivise textile exports from India, thus making it easier for exporters to manage liquidity. But economic relief is not expected as of now as tax amount on import of these items used to be refunded.
With no specific announcement in the Union Budget that will directly benefit the textile and clothing sector, the industry has said steps to support MSMEs and attract investments will benefit the textile industry too. However, there should be measures to control raw material prices, the industry associations said.
Weavers, garment manufacturers and textile mills in Tamil Nadu are struggling for the last 15 months to manage the increasing cost of raw materials.
They want the government to control cotton and yarn prices
Tiruppur: Yarn prices have increased abnormally over the last one year causing disastrous impact on the knitwear units in the district. Its price rose by Rs 30 per kg with the start of this year.
Coimbatore, Jan 20 (PTI): Tirupur Exporters’ Association (TEA) on Thursday thanked Tamil Nadu Chief Minister M K Stalin for raising the issue over price increase of cotton and yarn with Union Textile Minister Piyush Goyal.