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India to be the next sourcing destination for ASEAN brands

As per Ministry of Textiles, India possesses a great potential to become the next one stop sourcing destination for ASEAN brands and retailers. The country offers a number of competitive advantages including abundant amount of raw materials, trained man-power as well as the presence of entire textile value chain. Moreover, 100 per cent FDI is allowed in the textile segment under automatic route.

The government recently announced a special package for apparels as well as made-up sectors. The packages include various offerings such as labour law reforms, additional incentives under Amended Technology Upgradation Scheme, improved duty drawback coverage and relaxation of Section 80JJAA of Income Tax Act. Likewise, the rates under the Merchandise Exports from India Scheme (MEIS) have been enhanced from 2 per cent to 4 per cent for apparel and made-ups sector, active since 1st November 2017.

The government is also giving subsidised interest rate for pre and post shipment credit for the textile segment; and supporting exporters under Market Access Initiative (MAI) Scheme. Products like fibre, yarn, and fabric are made feasible through schemes like Powertex for fabric segment, ATUFS for all segments except spinning and Scheme for Integrated Textile Parks (SITP) for all segments.

 

 
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