Government is planning to promote indigenous manufacturing of textile machinery
Government is planning to promote indigenous manufacturing of textile machinery
Import duty exemption for cotton is unlikely to continue beyond September 30 as prices of cotton fabrics have started coming down, Union Minister of Commerce & Industry and Textiles Piyush Goyal Said on Saturday.
However, if the need arises, the government may consider extending the exemption by a month, Mr Goyal told reporters. In April, the central government had suspended the 10% import duty on cotton till September 30.
He said that the government is also preparing a scheme to promote indigenous manufacturing of textile machinery.
Textiles and clothing exports grew by 40% to $40 billion in 2021-2022. It is expected to cross $50 billion this year, he said, adding that industry and the government are working to help the industry reach a size of $250 billion with exports of $100 billion in the next five years.
Minister said that talks are going on between the Ministries of Industry and Textiles NITI Aayog To come up with another production linked incentive scheme for the textile sector.
On National Textile Corporation (NTC) mills, he said, “We are examining whether NTC can be run professionally and profitably.” But, so far, the performance of NTC has not been profitable, has not been efficient.” He added that the assets of NTC can be utilised, with a joint effort of the government and the private sector.