Category: Cover Story

Technology Investments in Apparel industry Getting Back On Track after lots of ups & down

The textile sector is one of the largest contributors to India’s exports, accounting for approximately 11 per cent of the total outbound shipments. India’s overall textile export is expected to reach $223 bn by 2021. The textile machinery manufacturing section is one of the important segments of the industry in India. Global textile machinery market is witnessing tremendous growth buoyed by growing demand of textile and apparel market. It is forecasted to grow at a CAGR of 14.02 per cent till 2018. The major manufacturers of textile machinery are Germany, Italy, Japan, Switzerland, France and China. One of the...

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Indian Yarn & Fabric industry Optimistic about future growth

The textile industry is the largest industry of modern India. The industry accounts for 14 per cent of the total industrial production, contributes to nearly 30 per cent of the total exports and is the second largest employment generator after agriculture. Our economy is largely dependent on the textile manufacturing and trade in addition to other major industries. About 27 per cent of the foreign exchange earnings are on account of export of textiles and clothing alone. Around 8 per cent of the total excise revenue collection is contributed by the textile industry. So much so, the textile industry...

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GST rollout Gets mixed reactions from textile supply chain

The Goods and Services Tax (GST) Council recently fixed the GST rates for a clutch of items, including textiles and garments, almost completing the exercise of rate fitment. On track to roll out the new indirect tax regime from July 1, the apex body of Central and State Finance Ministers also approved the rules pertaining to transition provisions and filing of returns, in the process addressing some concerns of the industry over the earlier drafts. In the new system, for the textile value chain, full tax credit would be available but no overflow of credit would be permitted. This...

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