New textile incentives to boost profitability, cut costs: Kitex

The Cabinet on Wednesday released various incentives for the textile industry to boost growth, especially in exports and employment segments. The industry continues to face stiff competition from countries like Bangladesh and Vietnam. The incentives released will help aid profitability more than income, says Sabu Jacob, Chairman & MD of Kitex Garments. Government support will make investors more confident. State levy remission will help save funds, he says.The company’s capex plans are for doubling capacity in the next three years. The target is to achieve revenue growth of more than 20 percent in FY17, Jacob says.Transcript to follow...