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Govt to unveil sops for knitwear sector soon

Govt To Unveil Sops For Knitwear Sector Soon

By  Lavanya

Textile Yarns & Fabrics And Spinning Mills

The Union Textiles Minister, Smriti Irani Monday informed that her ministry is planning to unveil a package for the knitwear sector, which is grappling with enormous financial stress due to lack of automation leading to much lower productivity than countries like China.

"We will announce a big package for the knitwear industry which is facing several challenges in the next one month or so," Irani told media while addressing a press conference on the achievements of the Ministry during 3 years of NDA Government in New Delhi.

While explaining the achievement of NDA government on completing three years in centre, she told media that the government in June 2016 had approved a Rs 6,006 crore special package for textiles and apparel sector that will create one crore new jobs in 3 years, attracting investments of USD 11 billion and generating USD 30 billion in exports.

The minister informed that funds to the tune of over Rs 1,900 crore have been given to the apparel industry under the rebate of state levies to boost exports from the sector.

Besides, she said under the Pradhan Mantri Paridhan Rozgar Protsahan Yojana, over 1.4 lakh workers have registered themselves for provident fund.

However, Irani did not provide a timeline for the unveiling of the much-awaited new National Textiles Policy.

The country's overall textiles and garments exports during 2015-16 stood at USD 40 billion, mainly because of less demand in major markets such as the US, EU and China, and stiff competition it faced from countries like Vietnam and Bangladesh, which enjoy an edge over India.

Listing out "achievements" of the BJP-led central government, she said people who had benefitted from various schemes were experiencing 'achhe din' (good days).

Irani said the Narendra Modi government has given the people an opportunity to participate in policy-making by sending in their suggestions directly to the Prime Minister.

Image Courtesy<> http://www.coatsindustrial.com/en/images/Sewing%20Threads%20-%20Local%20Colour%20Office_tcm35-17894.jpg

Posted On : 23-May-2017

Source : http://www.smetimes.in/smetimes/news/top-stories/2017/May/23/govt-to-unveil-sops-for-knitwear-sector