The textile and apparel industries have become a vital contributor to the Indian economy over the years. The Indian Textile and Apparel Market reached a value of $151.2 bn in 2021. According to IMARC Group, the market will reach $344.1 bn by 2027, growing at a CAGR of 14.8 percent between 2022 and 2027. While […]
With a view to attracting investment, boosting employment generation and increasing production, the Government has approved the Production Linked Incentive (PLI) Scheme for Textiles and the Pradhan Mantri Mega Integrated Textile Region and Apparel Parks (PM-MITRA) Scheme for setting up 7 Mega Textile Parks over a period of 3 years. The PLI scheme for textiles […]
The Ministry of Textiles has further extended the timeline for submission of applications under the PLI Scheme for Textiles till 28 February. Earlier the date of submission of online application was upto 31 January 2022. The Union Government in September last year had approved the Rs 10,683 cr Production Linked Incentive (PLI) scheme for the […]
India’s Finance Minister Nirmala Sitharaman recently rejected the proposal put forward by the Ministry of Textiles to defer the increase in Goods and Services Tax (GST) from the current 5 percent to 12 percent on fabrics and other textile products. As a result, GST rates will go up as scheduled with effect from January 1, […]
India is the world’s second-largest exporter of textiles and apparel with a massive raw material and manufacturing base. The textiles and garment industry in India is a significant contributor to the economy, both in terms of its domestic share and exports. It contributes about 7% to industry output, 2% to the GDP and 15% to […]
India is the second-largest manufacturer and exporter in the world, after China. The share of textile and clothing in India’s total exports stands at 12 percent (2018-19). India has a share of 5 percent of the global trade in textiles and apparel. The textile industry contributes to 7 percent of industrial output in value terms, two […]
Textile industry plays a significant role in the economy contributing to over 13 percent of the industrial output, over 2 percent to the GDP of India. The industry employed more than 4.5 crore citizens and contributed ~15 percent to the export earnings of India in FY 19. In addition to this, the support from the […]
The Indian Government has withdrawn Merchandise Exports from India Scheme (MEIS) retrospectively from March 7, 2019 for HSN code chapters 61, 62 and 63. Claims already paid to the exporters under MEIS will be suitably adjusted against Rebate of State and Central Taxes and Levies (RoSCTL) and recoveries will be made wherever due. As per […]
Fitch Solutions recently raised India’s fiscal deficit forecast to 3.6 percent of the Gross Domestic Product (GDP) for the current fiscal from the earlier 3.4 percent due to weak revenue collections resulting from sluggish economic growth and government’s sweeping Corporate Tax Rate cut. The government on September 20, had announced that it would be slashing […]
Fitch Solutions recently raised India’s fiscal deficit forecast to 3.6 percent of the gross domestic product (GDP) for the current fiscal from the earlier 3.4 percent due to weak revenue collections resulting from sluggish economic growth and government’s sweeping corporate tax rate cut. Fitch has revised the forecast as revenue collection is likely to fall […]
