In response to the on-going challenges faced by the synthetic textile industry, stakeholders are urging authorities to raise duty drawbacks and duty remission to navigate the current crisis successfully. The industry, grappling with the repercussions of global economic shifts and supply chain disruptions, believes that an increased duty drawback will provide essential support and act as a lifeline during these challenging times.
Stakeholders argue that a higher duty drawback is crucial to maintaining the competitiveness of the synthetic textile sector, which plays a significant role in India’s industrial landscape. The plea emphasises the need for proactive measures to ensure the sustainability of businesses, safeguard jobs, and prevent potential long-term damage to the industry.
The synthetic textile sector is a vital component of India’s manufacturing prowess, and addressing its concerns becomes imperative to bolster economic resilience. As the industry navigates the ‘red sea’ crisis, the call for increased duty drawback and duty remission stands as a collective appeal to policymakers for swift and strategic intervention, aligning with the broader goal of ensuring stability and growth in the country’s industrial sectors.
