Member textile mills of Indian Texpreneurs Federation (ITF) feel two things that can bring transformational change to Indian textile industry is rationalization of duty structure on Man Made Fibre (MMF) and yearly Mega Textile and Clothing Fair.
An appeal was made by 320 members of ITF in individual letters to Prime Minister Narendra Modi as part of wishlist for the coming Budget to rationalize duty structure on Man Made Fibre (MMF), which they claimed can transform the textile industry towards higher growth rate.
ITF Secretary Prabhu Dhamodharan said that one long pending reform in order to transform the industry to higher growth rate was to rationalise the duty structure on MMF and as the Indian textile industry has capacities and raw material availability and also variety of products and efficient manufacturing with sustainable best practices, it should show its strength by way of Yearly Mega Textile and Clothing Fair.
According to the ITF members, the recent timely support from the government such as interest equalisation scheme, export incentive by MIES and Duty Draw Back, have helped the industry to improve export competitiveness and also increase market share across the globe.
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