The Indian textile industry has been demanding a level-playing field with respect to cotton for a long time now and some rationalization is expected from budget 2017-18. The textile industry wants the next Union Budget to reduce the excise duty on manmade fibers and bring it on par with that of cotton.
The argument is that garments produced through manmade fibers are primarily used by the economically weaker sections of society.
The manmade fiber requirement of the Indian textile industry is expected to jump by at least five times by 2025 from what it is now.
Yarns made of polyester and synthetics are in good demand. Fibers like nylon and polyester have an excise duty of 12.5 per cent while for other yarns like cotton the excise duty is negligible.
The industry also wants a 20 percent excise duty subsidy on handicrafts and handloom sector goods destined for export to the US and East Europe.
A long term plan to boost textile exports from India would enable India to pull ahead of China by 2020. GST will also come into the picture soon.
Possenia has proudly announced its groundbreaking achievement as Switzerland’s inaugural cycling brand to introduce the Bluesign® Product label in Europe.
The LYCRA Company has announced a letter of intent with DCC to convert QIRA® into low-impact PTMEG, the primary ingredient…
Spinnova's R&D yarn spinning line has been launched at Tearfil's mill in Portugal with Rieter providing the machinery for the…
HeiQ has partnered with Culp to apply HeiQ Allergen Tech, a 100% biobased solution that reduces allergens on textiles, to…
Sonovia, Pure Denim have collaborated and are set to unveil their inaugural jeans collection featuring Sonovia's eco-friendly denim dyeing technology…
AmorSui has introduced a new range of eco-friendly lab coats for both men and women including a pioneering fire-resistant hijab,…