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Synthetic export faces challenges in 2015-16 fiscal

With the prevailing unstable market conditions, the 2015-16 fiscal has been one of the most demanding year for the synthetic and rayon textile exporters feels Anil Rajvanshi, Chairman, Synthetic & Rayon Textiles Export Promotion Council (SRTEPC). At a recent SRTEPC export award function, he said there has been a dip in exports of synthetic and rayon textiles by 6 per cent. Consequently prices have also declined. On foreign trade policy, SRTEPC cshairman said that with the intervention of Textile Ministry many synthetic and rayon textile items have been included in the Merchandise Exports from India Scheme (MEIS). He underlined the need to introduce new policies to improve structural efficiency.

One excise duty on man made fibres, the SRTEPC chairman said, the textile Ministry along with the support of the council is seeking to prevail upon the Finance Ministry to reduce duty from 12 to 6 per cent in the forthcoming Union Budget. Also, there is a need for the authorities to realise that man made fibre industry makes up 70 per cent share of the global market while the balance 30 per cent is with cotton. And for the overall Indian textile industry’s progress, encouragement of the man-made industry is a must.

He also highlighted the importance of man-made textile industry stating its relevance in achieving the government’s target of making Indian textile industry worth $300 billion from the current $110 billion.