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!!
World AIDS Vaccine Day, also known as HIV Vaccine Awareness Day, is observed annually on…
The Indian government has announced plans for public sector companies like Coal India, NMDC, and…
In April, India's merchandise exports saw a modest 1% increase, reaching $34.99 billion, driven by…
The Open Network for Digital Commerce (ONDC), a digital infrastructure initiative launched in 2021, has…
In response to rising credit demand and falling liquidity, State Bank of India (SBI) has…
The Indian Army is poised to elevate its air defense capabilities with the impending delivery…