Textile Industry Body Seeks Policy Support
The Confederation of Indian Textile Industry (CITI) plans to appeal to the new government to provide policy support to the textile and clothing (T&C) industry.
CITI Chairman Sanjay K Jain said the T&C sector went through a phase of consolidation with stagnating exports, demonetisation, bank restructuring and implementation of the Goods and Services Tax (GST).
India, which was the second largest exporter of T&C between 2014 and 2017 after China, slipped to the fifth place losing its position to Germany, Bangladesh and Vietnam. T&C exports fell from $38.60 billion in 2014 to $37.12 billion in 2018, while imports increased from $5.85 billion to $7.31 billion during the same period.
The textile industry looks to start a golden era to realise its true potential, he said highlighting the steps the new government will have to take to make T&C a $350-billion industry in the next five years.
CITI has come out with a White Paper on the T&C industry, entailing both general and sector-specific suggestions, Jain said, while appealing for immediate intervention on issues related to TUFS guidelines and clearance of all pending subsidies in a time- bound manner; extending RoSCTL benefit across the entire textile value chain; launch of TMC II (Technology Mission on Cotton) at the earliest; introduction of direct subsidy to cotton farmers; announcement of national fibre policy; mission mode approach for promoting the man-made fibre sector; reducing hank yarn obligation by half to 15 per cent; negotiating FTAs with developed and large markets like EU, Australia, Canada and Britain; ensuring level-playing field against competing countries like Bangladesh, Vietnam, Cambodia, Pakistan and Sri Lanka and addressing issues related to GST.