After hearing views of major industry associations in the region, he said all their fifteen demands are very reasonable and assured them steps would be taken to find a solution.
Terming their demands as reasonable, Union Minister Santosh Gangwar today assured the captains of the textile industry of looking into their demands and grievances, as also discussing their issues with the commerce and finance ministries.
After hearing views of major industry associations in the region, he said all their fifteen demands are very reasonable and assured them steps would be taken to find a solution. The associations thanked Gangwar for announcing Amended TUF Scheme with a record Rs 17,822 crore allocation, extending export incentives for textile products under Interest Equalisation Scheme, enhancing duty drawback rates for various textile products and steps to promote coastal movement of cotton from Gujarat to Tamil Nadu in a cost effective manner.
They urged the minister to address some more issues to create a level-playing field in globalised environment and enable the industry achieve the target of USD 300 billion textile business size by 2023 from the current level of USD 110 billion as set by the Prime Minister.
The demands include continuation of Optional CENVAT route, fixing lowest slab of GST for textile industry, extending export incentives for cotton yarn export, reduction of excise duty on Man Made Fibres from 12.5 to six per cent and compensate farmers directly whenever the cotton market price rules below MSP.