News Tags

Related Keywords: an initiative of the Centre, attract FDI, currently contributes about fourteen percent, four percent to GDP, Increasing FDI is a reason to cheer for the sector, Indian economy, Industrial Production, Investment India, Ministry of Textiles, one of the oldest industries, seventeen to the country export earnings, Textile, witnessing huge FDI inflows

Textile, one of the oldest industries in the Indian economy dating back several centuries, is witnessing huge FDI inflows, according to Investment India, an initiative of the Centre to attract FDI. Increasing FDI is a reason to cheer for the sector which currently contributes about 14% to industrial production, 4% to GDP, and 17% to the country’s export earnings, according to the Annual Report 2016-17 of the Ministry of Textiles.

Related Keywords: attract FDI, create employment, Federation of Indian Exports Organisations, impart competitiveness to textile exports from country, package meets some of the outstanding demand of the sector, supplemented by the new Textile Policy, welcomes special package for the textile sector

Federation of Indian Exports Organisations President S C Ralhan welcoming the special package for the textile sector commented that the package meets some of the outstanding demand of the sector and will impart competitiveness to textile exports from the country, create employment and attract FDI.

The rebate on state taxes through duty drawback route and grant of duty drawback in case of import of fabric under Advance Authorization would add to cost competitiveness of exports.