India’s growth as textile mfg hub to rely on attractiveness of domestic market, Retail News, ET Retail

New Delhi: India’s development as a producing hub for textiles will depend on the attractiveness of its domestic sector and on investments in superior-conclusion textile machinery, solutions in emerging locations like technological textiles and person produced fiber (MMF), the govt stated on Monday. In its yr-stop evaluation of the textile sector, the Ministry of Textiles outlined numerous initiatives taken throughout 2021 such as approving the placing up of 7 Pradhan Mantri Mega Integrated Textile Region and Attire (MITRA) Parks with a overall outlay of Rs 4,445 crore.

“The governing administration has notified uniform goods and companies tax charge at 12 for every cent on MMF, MMF yarn, MMF fabrics and apparel that has addressed the inverted tax composition in the MMF textile benefit chain. The adjusted charges will appear into impact from 1 January, 2022,” the Ministry said.

This will support the MMF section grow and arise as a massive task provider in the place, it extra.

Under PM MITRA Parks, entire world-class industrial infrastructure would bring in cutting edge engineering/scale and FDI / area investment in the sector, the textile ministry said.

PM MITRA Parks will create all-around 1 lakh direct and 2 lakh indirect work for every park, it additional.

The ministry also highlighted that the Output Joined Incentive (PLI) scheme for textiles is specifically concentrated at higher worth and expanding MMF and specialized textiles segments of textiles worth chain.

It stated the Centre’s move to approve continuation of Rebate of State & Central Taxes and Levies (RoSCTL) plan up to March 2024 is established to strengthen export competitiveness of Indian attire and built-ups.

“The domestic textile and clothing production is approx USD 140 billion like USD 40 billion of Textiles and Apparel export. The textile and clothing market contributed 2 per cent in the in general GDP of India in 2019 and 11 per cent to overall production in GVA,” the ministry mentioned.