News Tags

Related Keywords: big boost for the sector, cluster approach for contract farming, connectivity, end to end logistics solutions, help textile industry achieve USD three hundred fifty billion target, higher fund allocation for labour skilling, next few years, no major announcement, set by the union government, Textile Industry, Union budget, upgrade labour skill

The textile industry though did not see any major announcement in the Budget but higher fund allocation for labour skilling and end-to-end logistics solutions, including rail and coastal shipping last-mile connectivity, will help the country’s textile industry to achieve the $350-billion target in next few years as set by the union government.

However, continuing with the existing tax structure, including the service tax and optional Cenvat route extended for textile industry till the GST is implemented, has been considered as a big boost for the sector.

Related Keywords: budget beneficial for companies of big brands, did not mention about textile industry, not common entrepreneurs doing business for decades, powerloom modernization programme, rescue the industry from recession, second largest employment provider, seeking incentives from government to boost export, technical textile industry, Union budget

The Union Budget presented by finance ministry Arun Jaitley on 29 February did not mention about the textile industry, which is the second largest employment provider in the country after the agriculture sector, over which experts were surprised and said that the budget is beneficial for companies of big brands instead of the common entrepreneurs who have been doing business for decades.

Related Keywords: demand for silk in India, import duty on silk, raw silk imports, sericulture in India, silk fabric imports, silk production in India, Union budget

In order to discuss the demand for increasing import duty on silk, Union Minister of State for Textiles Santosh Kumar Gangwar has invited Karnataka’s Sericulture Minister A. Manju and MP of Mysuru Pratap Simha to New Delhi for the same.

There was a need to discuss the matter with the concerned Ministries as import duty comes under the Union Ministry of Commerce, said Mr. Gangwar.

Mr. Gangwar had to discuss this matter because sericulture farmers in Karnataka faced difficulties after a reduction in import duty on silk.

Related Keywords: Chief Executive officer, double digit growth, economic growth, Indian textile and apparel industry, launch of Raymond linen, Raymond, Sanjay Behl, Union budget

Indian textile and apparel industry is growing at the rate of 8-12%, and if the same growth is maintained or little higher, the industry is likely to get the double-digit growth during the FY15-16. As post the union budget, the economy will remain bullish because some of the fundamentals for economic growth are looking very good, according to Sanjay Behl, Chief Executive officer (Lifestyle business), Raymond.

Related Keywords: mega-cluster, Surat textile industry, textile value chain, Union budget

The union budget presented by the Finance Minister Arun Jaitley in the Parliament on Thursday wherein it was announced setting up of a mega-cluster in Surat for textiles has been welcomed by the Gujarat textile industry.
 
Of the six textile mega-clusters proposed to set up, one of it will be in Surat. Surat textile industry, which involves spinning, weaving, processing, garmenting and exports, employ around 1.5 lakh people directly. Market estimates put the industry turnover in the range of Rs. 40,000 crore –Rs 50,000 crore annually.