India ranks amongst prime textile exporters with 4 computer world share: Minister, ETCFO
New Delhi, India is ranked among the many prime textile exporting nations on the planet with a share of roughly 4 per cent of worldwide textiles and attire exports, in response to data tabled in Parliament on Friday
The export of Textiles and Attire, together with Handicrafts, elevated by 7 per cent in April-December 2024 in contrast with the identical interval of the earlier 12 months with the US, the EU and the UK accounting for a 53 per cent share in complete exports in FY 2023-24, Minister of State for Textiles Pabitra Margherita mentioned in a written reply within the Lok Sabha.
The federal government is implementing numerous schemes to advertise Indian textiles. The foremost initiatives embrace PM Mega Built-in Textile Areas and Attire (PM MITRA) Parks Scheme to create a contemporary, built-in, world-class textile infrastructure; Manufacturing Linked Incentive (PLI) Scheme specializing in MMF Material, MMF Attire and Technical Textiles to spice up large-scale manufacturing and enhancing competitiveness; Nationwide Technical Textiles Mission specializing in Analysis Innovation and Growth, Promotion and Market Growth; SAMARTH – Scheme for Capability Constructing in Textile Sector with the target offering demand-driven, placement oriented, skilling programme.
Silk Samagra-2 for complete improvement of the sericulture worth chain and the Nationwide Handloom Growth Programme for end-to-end assist for the handloom sector have additionally helped to advertise exports.
Moreover, the Ministry of Textiles can also be implementing the Nationwide Handicrafts Growth Programme and Complete Handicrafts Cluster Growth Scheme for the promotion of handicrafts, the minister mentioned.
The Indian textiles business is without doubt one of the largest on the planet with a big uncooked materials base of pure fibre, together with cotton, silk, wool, and jute in addition to artifical fibre and manufacturing energy throughout the worth chain from fibre to cloth to clothes, he identified.
With a view to making sure a constant provide of cotton within the nation and having a sustained curiosity of farmers in cotton cultivation, the Authorities of India is declaring a Minimal Help Value (MSP) of cotton yearly. This mechanism ensures that farmers obtain a good remunerative worth for his or her produce within the occasion market costs of cotton fall beneath the MSP charges and in addition facilitates the provision of cotton at aggressive costs, the minister mentioned.
He additionally identified that the customs obligation on Additional-Lengthy Staple (ELS) Cotton has been diminished to nil with impact from February 20, 2024. Beneath the India-Australia ECTA, 51,000 tonnes of duty-free ELS Cotton will be imported.
To extend its export potential, India has to date signed 14 Free Commerce Agreements (FTAs), together with not too long ago concluded agreements with UAE, Australia and TEPA with EFTA nations comprising Switzerland, Iceland, Norway and Liechtenstein; and 6 Preferential Commerce Agreements (PTAs) with numerous buying and selling companions, he added.
The federal government can also be implementing the Rebate of State and Central Taxes and Levies (RoSCTL) scheme for attire to be able to improve competitiveness by adopting the precept of zero-rated exports.
Additional, textile merchandise not lined beneath the RoSCTL scheme are lined beneath the Remissions of Duties and Taxes on Exported Merchandise (RoDTEP) together with different merchandise. As well as, the federal government supplies monetary assist to varied Export Promotion Councils and Commerce Our bodies beneath the Market Entry Initiative Scheme applied by the Division of Commerce for organising and collaborating in commerce gala’s, exhibitions, buyer-seller meets, and many others., at nationwide and worldwide ranges to spice up export, the minister added.
–IANS
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