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Related Keywords: benefit predominantly cotton based textile industry, chairman of SIMA, cluster approach for contract farming, considers the Union Budget, enable textile manufacturing sectors, grow at a faster rate, growth oriented, Indian textile sector, M Senthilkumar

The Indian textile sector considers the Union Budget 2017-18 to be growth oriented as it will enable the textile manufacturing sectors to grow at a faster rate. M Senthilkumar, chairman, The Southern India Mills’ Association (SIMA) said that the cluster approach for contract farming would greatly benefit the predominantly cotton based textile industry.

However, the main demand of the association of continuing the existing tax structure including the service tax and optional Cenvat route extended for textile industry till the GST is implemented has been considered in the budget.

Related Keywords: currently contributing five percent to GDP, Energy and environment management costs, Financial packages, fourteen percent to overall index of Industrial production, hurting the sector, Indian textile sector, once a key industrial sectors, rebates, sector has potential to grow five times to around USD five hundred billion market

The Indian textile sector once a key industrial sectors in India, currently contributing 5 percent to India’s GDP and 14 percent to overall index of Industrial production. The sector has potential to grow 5 times to around $ 500 billion market, according to a study conducted by Wazir Advisors and PCI Xylenes & Polyester.

Related Keywords: continues to reel under burden, decline in exports of several types of textiles, despite of top global fashion brands, Foreign direct investment, Indian textile sector, mill closures, online fashion space, sagging exports, single brand retail outlets, vie for share of Indian market

India’s textile sector continues to reel under the burden of mill closures and sagging exports, despite of top global fashion brands such as Zara, Mango, Vero Moda, H&M, Forever 21 and Marks & Spencer vie for a share of the Indian market.

Ever since the government allowed Foreign Direct Investment (FDI) in single brand retail outlets - first at 51% in 2006 and later 100% in 2012- top global fashion brands have rushed into the country.

Related Keywords: actively considering starting a dialogue with United Kingdom, after Brexit, besides ongoing negotiations for FTA, bring significant benefit, fresh FTAs with fifteen other countries including Japan, Indian commerce ministry, Indian textile sector, Preferential Trade agreement, with trade and economic bloc

The Indian commerce ministry is actively considering starting a dialogue with United Kingdom for a preferential trade agreement, one that brings significant benefit to the country’s textile sector, after United Kingdom deciding to exit the European Union (EU), besides ongoing negotiations for a free trade agreement with that trade and economic bloc, said Union textile secretary Rashmi Verma.

Related Keywords: balanced duty structure, big disadvantage compared to Bangladesh and Vietnam, current fiscal year, help give boost to exports, Indian textile sector, quality and branding in par, speed up with FTAs, to hit the target

Indian textile sector is at big disadvantage compared to Bangladesh and Vietnam as it does not have FTAs with U.S., Canada dn Europe. Least developed countries are exporting at zero duty while India’s exports are subject to 10 to 14 percent duty. Hence, the Textile Ministry has urged the government to expedite Free Trade Agreements (FTAs) with the U.S. and European Union to help double exports, said its Secretary Rashmi Verma.

Related Keywords: competitiveness in apparel export, current financial year, India Ratings and Research report, Indian textile sector, lower input cost, outlook for cotton yarn exporters is negative, robust domestic demand, slowdown in demand, stable outlook, synthetic textile sector outlook negative

The Indian textile sector has a stable outlook on the account of lower input costs, robust domestic demand and competitiveness in apparel exports in the current financial year, according to report by India Ratings and Research (Ind-Ra).

However, the outlook for cotton yarn exporters is negative due to a slowdown in demand for yarn particularly from China, leading to softer yarn realizations and lower capacity utilization, the report added.

Related Keywords: continuation of interest subvention scheme, export target set, for current fiscal year, handicrafts and garments, Handlooms, India-EU Free Trade Agreement, Indian textile sector, outbound shipment, stiff competition, textile minister Santosh Gangwar

The achhe din for the textile sector has started to arrive, said textile minister Santosh Kumar Gangwar on Monday, as the Narendra Modi govenrment completes one year. The government has set target of $47.5 billion for textile and clothing exports for the current fiscal year, aiming for an almost 14% rise in outbound shipments from the actual level of 2014-15.

Related Keywords: agro textile, CMAI, expand production capacity, geo textile, Indian textile sector, National Garment Fair, New national textile policy, Technical textile, Textile Commissioner, Textile parks

The new national textile policy is almost ready and is expected to be announced immediately after the Union Budget. Textile Commissioner Kiran Soni Gupta informed after inaugurating the 60th National Garment Fair organised by Clothing Manufacturers Association of India (CMAI) in Mumbai.

The textile sector will get a new direction and a huge support from the new policy as it has outlined all the aspects - the vision, strategy and the action plan.

Related Keywords: corporate economic advisor, Indian textile sector, Ritesh Kumar Singh, SAFTA, Tamil Nadu textile entrepreneurs, Texpreneurs Forum, textile export front, trade pact, trade policy, WTO obligation

Advising Texpreneurs (a forum formed by Tamil Nadu based textile entrepreneurs) against seeking such sops from the Government, corporate economic advisor - Ritesh Kumar Singh said that a well-conceived trade pact can open up opportunities on the textile export front, but a badly negotiated free trade pact can lead to unintended consequences, referring o SAFTA (Agreement on South Asia Free Trade Area).

Related Keywords: attained export competitiveness, Directorate general of Foreign Trade, export subsidies, FIEO, foreign trade policy, Indian textile sector, phase out, textile share in world trade, WTO, WTO norms

As India attained export competitiveness in the textile sector in 2008-09 and as per the threshold set by the World Trade Organization (WTO), it has to phase out the export subsidies provided to the sector by 2018.

The Directorate General of Foreign Trade (DGFT) department has prepared made a case in writing to the department of revenue asking it to not provide incentive to the textile sector in upcoming foreign trade policy (FTP) which is likely to be announced next month, as India has reached the export competitiveness in the sector.