The Foreign Trade Policy (FTP) 2015-2020 which was undraped by Minister of State for Commerce & Industry Nirmala Sitharaman on 2nd April ,2015 provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, in keeping with the Make in India vision of Prime Minister.
The local chapter of Indian Chamber of Commerce and Industry, welcomed the policy saying, it has bold initiatives and aims to achieve a compound annual growth rate of 11.5 per cent so as to increase the Merchandise and Services Exports.
But the Chairman of Southern India Mills’ Association (SIMA) T Rajkumar feels that the FTP has failed to address specific issues on textile sector.
According to him, the present banking norms, several thousands of small and medium textile units across the country, particularly South India would soon become NPAs in the absence of improvement in exports.
The cotton textile industry, particularly spinning sector, has been reeling under a severe recession during 2014-2015 due to the drop in exports by 30-40 million kg of yarn per month.
It was essential to make zero access entry for yarn, fabrics and garments in China to grab the emerging market opportunities which otherwise would be grabbed by countries like Pakistan, Vietnam, Cambodia and Indonesia.
He thus appealed to Prime Minister Narendra Modi and Commerce Minister Nirmala Sitharaman to have a re-look on the Foreign Trade Policy and consider the pleas made by the industry to regain its global competitiveness.
He has requested the Government to recognise the textile industry’s potential to foster export growth and job creations for millions of rural population and announce suitable incentives under MES for yarns, fabrics, garments and made-ups as stated in the objective of FTP.
Nikwax has unveiled its latest innovation, the Direct.Dry Down line, setting a new benchmark in waterproof down with great performance…
Wrangler x Accelerating Circularity jeans are proving that post-consumer and post-industrial cotton can be effectively reused in everyday clothing.
Swiss cleantech innovator Bcomp has partnered with Japanese composite specialist Tras to bring natural fibre solutions to the world of…
Researchers from MIT and Lincoln Laboratory are developing innovative bioabsorbable fabrics that replicate how soft tissues naturally stretch.
A research team at the University of Limerick (UL) has introduced a groundbreaking method for producing carbon fiber through their…
Circ, Circulose, RE&UP, and Syre, have joined forces to create the T2T Alliance, an initiative focused on driving policy changes…