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Uniform GST rate likely for textile industry: Smriti Irani

The textile industry is expected to have an uniform GST rate, said Union textile minister Smriti Irani at a recent conference Responding to pleas at a meeting of textile industries associations and stakeholders, for fixing five per cent GST rate, the lowest slab for the industry, Irani assured there would be neutrality in the rate. A conference on GST will be held soon, and thereafter the rate will be decided she further added.

Later, talking to reporters after attending the parliamentary consultative committee meeting on development of powerloom sector, Irani says the government has launched PowerTex India on April 1 for the benefit of powerloom industry. Stating the objective of this unique scheme with a component of an in-situ upgradation was to provide financial assistance to economically weaker low-end powerloom units to upgrade from plain to semi-automatic/shuttle-less looms, as it can help them improve quality and productivity.

The budgetary allocation for the power sector had gone up from Rs 52 crores in 2015-16 to Rs 110 crores in 2016-'17 and Rs 166 crores this fiscal. About the deliberations of the meeting, textile commissioner Kavita Gupta said responding to appeals to tide over the crisis of frequent fluctuation of yarn prices and Irani had informed that the ministry had come out with a yarn bank scheme at providing interest-free corpus fund and so 11 members can form a special purpose vehicle consortium for which the government would provide Rs two crore and a matching amount should be invested by the stakeholders and stock the yarn for use at the time of a crisis.

Gupta further added textile exports remained stable at $40 billion, with increase in the exports of readymade garments, with Tamil Nadu contributing 40 per cent.

 
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