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Synthetics hold promise for India

Synthetic fabrics and performance garments are going to be the two most promising segments in the Indian textile industry. The industry accounts for five per cent of India’s GDP and 13 per cent of the country’s export earnings and employs about 50 million people. It proved to be highly productive and globally competitive across the value chain – from farm to fiber. Its future however depends on sustainable manufacturing practices, transparency, and its readiness to transform itself into a circular economy.

The Indian textile industry is highly fragmented and facing unprecedented challenges. One is the global recession. Another threat is the import of yarns, fabrics, and garments from Bangladesh. The industry needs help in the areas of export promotion, access to working capital, and loan restructuring. Indian textile units have asked for liquidity support and a one or two year moratorium. Other issues are pending claims under the various rebate schemes; release of TUFS subsidy; reducing the margin money for working capital from 25 per cent to ten per cent and the debt-equity ratio norm from 1:1.33 for the entire textile and clothing industry; extending the five per cent interest subvention for all textile and clothing export products; slotting recycled PSF under the five per cent GST rate; and enhanced EPF benefits.