Apparels Received Their Special Package… Raises Hopes For Home Textile Segment

It was only last month, that a special package was announced by the Ministry Of Textiles, pertaining to the Apparels exports. Following the suit, even the stakeholders of the Home Textile Segment are lobbying for something on the similar lines. It was at a recent event held by The Cotton Textiles Export Promotion Council or Texprocil in Mumbai, when the council along with Ernst & Young released a report on ‘Textile Industry as a vehicle of job creation for inclusive growth’.

Textile Exporters and Importers Will Gain from Renewal of GSP

It took a long wait of more than 18 months, but eventually the US Government did renew the Generalized System of Preferences (GSP) thereby enabling the duty-free entry of close to a whopping 3,500 product lines from Indian Exporters. These product lines are slated to include merchandise from numerous verticals including textiles, gems and jewellery, engineering and chemical products. This renewal has been given a retrospective extension ranging from the bygone August 2013 to December 2017.

Indian textile and apparel exports to USA have risen by 7 percent

It seems that at least for the Indian Textile and Garment Industry, the central government’s ‘Make In India’ is working quite perfectly. A record surge of the country’s export, to its largest market, the United States, stands testimony to its success.

Textile Industry Welcomes Extension Of Export Benefit

The textile industry of India has been facing a major blow, one of the worst in its history, pertaining to the slowdown that hit the global textile and clothing markets in April 2014. Due the termination of region FTA by other competing nations, exports from India have encountered an all-time low owing to its tariff barriers, expensive cotton, high fibre price and the unprecedented delay in the pay-out of the TUF subsidies. Given the scenario, the industry had long been demanding the extension of additional incentives through the Merchandise Export from India Scheme (MEIS). The demand also pressed for a grant of 3% interest with respect to the export of all textile merchandise, at least till the time that the exports reach their projected potential growth.