The Indian government plans to establish ‘Bharat Park,’ a dedicated trade zone in the UAE, featuring showrooms and warehouses to display and store Indian-made goods for a global audience. Union Minister Piyush Goyal emphasizes the zone’s role in facilitating international purchases of Indian products, with secure transactions in the UAE.
Textile Industry’s Future Focus
Addressing the future of the textile industry, Goyal underscores the prominence of Man Made Fibre Textiles due to challenges in meeting the increasing demand for cotton. He encourages industry players to leverage free trade agreements with Japan, Australia, UAE, and South Korea, expressing concern over underutilization.
Export Challenges and Targets
Export figures reveal a 9% decline in man-made fibre textile exports to $3.1 billion in the first seven months of the fiscal year. However, technical textile exports saw a marginal improvement to $1.51 billion. The industry aims to surpass $6 billion in textile exports and $3 billion in technical textile shipments by the fiscal year-end, aligning with the government’s ambitious export targets.
Industry Appeals for Policy Support
The Synthetic and Rayon Textiles Export Promotion Council urges the government to address challenges, including GST rates and inverted duty structures. They seek uniform GST rates across the value chain of Man Made Fibre Textiles and advocate for the inclusion of textiles and clothing in the Interest Equalization Scheme to enhance competitiveness in the international market.
Important Questions Related to Exams
- What is the purpose of ‘Bharat Park’ in the UAE, and how does it contribute to India’s global trade strategy?
- According to Union Minister Piyush Goyal, why is there a focus on Man Made Fibre Textiles in the future of the Indian textile industry?
- What export challenges does the Indian textile industry currently face, and what are the targets set by the industry for the fiscal year?
- In seeking policy support, what specific issues does the Synthetic and Rayon Textiles Export Promotion Council raise, and how do they propose addressing these challenges?
Please provide your answers in the comment section!!