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New modified and simplified textile policy to be announced soon

YarnsandFibers News Bureau 2016-03-10 11:00:00 – Mumbai

The government to soon announce a new modified and simplified textile policy that aims at increasing the production and productivity of textile sector, generating more employment, bringing down the cost of production, penetrating into newer markets, and introducing more value added products and focusing both on exports and domestic markets , said Textiles Secretary Rashmi Verma.

Currently, the Textiles Ministry is in talks with the Labour Ministry as they seek some relaxation in labour laws such as allowing women to work at night. They also want modification in contract laws. Tamil Nadu has already done it, Ms Verma said.

As the growth of textile sector is limited to factors such as high cost of production, sudden spurt in interest rates on working capital and increase in labour wages, the Textiles Ministry are also in discussion with the Finance Ministry to offer some kind of tax incentives to the weavers to make the sector attractive.

This also included tax holidays and interest subvention among others.

Most of the incentives or subsidies given by the Ministry are production related. Those related to processing and skilling would be continued.

Regarding the revised Textile Upgradation Fund Scheme, revised guidelines has been finalized and it is being placed before the Cabinet.

The Textiles Ministry would be also be holding a meeting of all stakeholders next month to take stock of the current situation as it would review which were the subsidies and concessions that could be continued or phased out as India was a signatory to WTO guidelines.

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