‘India cannot be satisfied with 10 big textile companies’, Retail News, ET Retail

NEW DELHI: Textiles minister Smriti Irani has stated that market must resolve to assure that India is not a country of career personnel but a leader in the textiles sector. Observing that India has been content with just 10 huge textiles organizations for extended, the minister stated that the time has come now for 100 new organizations to spring up.

Speaking at a symposium on rising alternatives for Indian textiles and crafts, Irani stated that the time has come to emphasis on micro, smaller and medium enterprises (MSMEs). She stated that the textiles ministry will get in touch with smaller scale makers, who are conference exports compliances and shipping and delivery schedules and assistance them with finance, legislation, certification, high-quality management programmes and research and development to make them leaders in their respective sphere.

The minister appealed to the textiles market to fulfil the intention at the rear of the Prime Minister’s announcement of abolition of anti-dumping duty on PTA (Purified Terephthalic Acid) and Countrywide Mission on Specialized Textiles. Irani also questioned the market to meet up with the needs of Jal Jivan Mission and farmers, aside from concentrating on exports.

In the 2020 Funds, the government has proposed that in the bigger general public interest, anti-dumping duty on PTA is currently being abolished. “Chemicals are critical feed stocks for downstream buyers. PTA, for illustration, is a significant input for textile fibres and yarns. Its uncomplicated availability at aggressive selling prices is appealing to unlock enormous opportunity in textile sector which is a important employment generator. Thus, in the bigger general public interest, anti-dumping duty on PTA is currently being abolished,” it was stated by finance minister Nirmala Sitharaman in Funds speech.

The symposium was attended by senior officers of the ministries of commerce & market and textiles, reps of EPCs, buying offices and buying agents.