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Textile Ministry seeks early nod for Rs 170-crore knitwear package

Related Keywords: boost investment, boost job creation, clear Rs 170-crore special package, comprises small and medium enterprises, employment intensive sector, Finance Ministry, knitwear sector, lift sagging exports, Textile Ministry

The textile ministry is expecting the finance ministry to clear Rs 170-crore special package for the knitwear sector at the earliest as it is an employment intensive sector so any effort to boost investment will boost job creation and lift sagging exports.

The knitwear industry, which mainly comprises small and medium enterprises, was left out in the earlier scheme of things. Exporters believe that the package can ease the pain especially after the goods and services tax rollout.

Govt considering cut in excise duty on MMF in the new policy

Related Keywords: boost investment, cut in excise duty on MMF, from synthetic textile industry, garments produced through MMF, meet growing demand, Ministry of Textiles, MMF industry, new policy, seeking exemption on MMF from excise duty, set to announce, used by economically weaker sections

The Ministry of Textiles is set to announce a cut in excise duty on MMF in the new policy in order to boost investment to meet growing demand from the synthetic textile industry. The MMF industry has on several occasions represented to the government seeking exemption on MMF from excise duty, arguing that the garments produced through MMF are primarily used by the economically weaker sections of society.

While cotton fibre attracts no duty, the government has levied 10 per cent excise duty on MMF.

Textile cluster to be set up in Mysore to soon turn into reality

Related Keywords: boost investment, cotton cultivated, create jobs, Mysore famous for silk products, Mysore MP Prathap Simha, proposed to set up in Mysore, Santosh Kumar Gangwar, Sri Krishnarajendra Textile Mills, Textile cluster, textile mega cluster project, Union Minister of state for textile

The cluster for textiles proposed to be set up in Mysore to turn into reality as the land has been identified for the proposed cluster at Srirampura, on the outskirts of the city which falls within the Mysore Parliamentary constituency and with the Union minister of state for textiles Santosh Kumar Gangwar inspecting the proposed site to set up the cluster early next week.

Centre has released Rs 28 crore for the textile mega cluster project in Mysore which is expected to boost investment in the region and create jobs.

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