Indian textiles industry urges Textile Minister to focus on Man made fibre
Delegation of FICCI Textiles Committee met Smriti Zubin Irani, Minister for Textiles and urged her to launch a special mission for synthetic fibre and textiles value chain to make Indian industry competitive in the global trade which is predominantly done in the man-made fibre (MMF)-based items.
Global textile markets are swiftly shifting from exports of cotton yarn to manmade fibres. Hence, India must take urgent steps to keep pace with the global markets by increasing production and exports of MMF based products.
India’s per capita consumption of Man-made Fibre is around 3.0 kg, whereas the world per capita consumption is 12 Kg. There is a wide gap and tremendous opportunity for enhancing the consumption of MMF based textiles and clothing in India.
Government needs to announce a MMF Textile Mission for giving thrust to development of Synthetic and Specialty fibres in India by making the value chain competitive and providing raw materials at competitive prices, said FICCI.
FICCI delegation also raised voice on the need for simplification of GST rates for the entire textile value. Currently, due to different GST rates in the textiles value chain refund accumulates due to inversion. Collapsing all these rates into a single rate of 12% does not build up input tax credit, does not lead to refund of input tax credit which would imply less paperwork and less applications for the industry, noted FICCI.
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