The Indian government has targeted to increase the country's contribution in global textile and apparel market from 6 per cent at present to 15-20 per cent. It has removed anti-dumping duty on purified terephthalic acid (PTA), thereby drastically decreasing the cost of polyester.
In addition, the Cabinet has approved the scheme for the remission of duties and taxes on exported products under which a mechanism would be set up for reimbursement of taxes, duties and levies, at the Central, state and local levels. It has further approved the continuation of RoSCTL till it merges with RoDTEP.
Last year, at the peak of the pandemic, the Indian government allocated ₹20 lakh crore for the Aatmanirbhar Bharat package, which included benefits to the textile industry as well.
The Indian government has introduced a contactless process that would boost the in-house testing capability of the customs. New modern testing equipment for faster imports and exports clearances.
Online B2B marketplaces are aiding the growth of global trade, in the post-COVID situation. Several manufacturers have registered their company on Fibre2Fashion’s F2FMART to take their business to many buyers internationally.
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Fibre2Fashion News Desk (RKS)