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.
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 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.
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.
Please provide your answers in the comment section!!
Every year on December 22, India celebrates National Mathematics Day. This date marks the birth…
In competitive exams like SSC, Defence, State Exams, and Railways, current affairs are crucial. This…
On Saturday, December 21, 2024, several explosive-laden drones, believed to be part of Ukraine's ongoing…
Uttar Pradesh, one of India's most populous states, is known for its rich cultural and…
The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, convened ministers from 28…
India participated in the 24th BIMSTEC Senior Officials Meeting (SOM), hosted virtually by Thailand on…