Government makes efforts to gain access to new markets, obtain tariff concessions for textiles through free trade agreements: Goyal
Union Minister Piyush Goyal said on Tuesday that the government was making efforts to gain access to new markets and to obtain reduced tariffs on textile products through free trade agreements.
In an interview with textile associations, the Minister for Textiles, Trade and Industry announced that in all ongoing negotiations with important countries such as Great Britain, the United Arab Emirates, Canada, the European Union and Australia, a particular focus is on obtaining preferential tariffs for textile products.
Goyal also thanked the Prime Minister for the decision to postpone the GST slab increase from five percent to 12 percent for the textile sector while speaking before the All India Textiles Association, according to an official statement.
He added that requests from industry stakeholders have been taken into account in the current difficult times as the sector is on the path to recovery.
“He also thanked those responsible for textiles who remain connected to the Ministry with all their complaints regarding the increase in the GST plate in the MMF (Manmade Fiber) segment,” said the Ministry of Textiles.
Regarding the textile production-based incentive system, he said that PLI will increase India’s global footprint in man-made fibers and technical textiles.
He added that the PLI program will create direct jobs from Rs 10,683 crr 7.5 lakhs.
Goyal also said the approval for seven PM Mega Integrated Textile Region & Apparel (PM-MITRA) parks will attract cutting-edge technology and investment, generating approximately one lakh direct and two lakh indirect employment per park.
He added that April-November 2021, textile exports rose 45 percent to $ 16.7 billion from the same April-November 2019 period.
(This story was not edited by Devdiscourse staff and is automatically generated from a syndicated feed.)