Policies

India Extends Reskilling Programme Samarth Till March 2025

Textile Insights March 14, 2024

The Indian government has decided to extend ‘Samarth’ scheme for capacity building in textiles sector by another year and will now be operational till March 31, 2024. A circular from the Ministry of Textiles informed that the Department of Expenditure under the Ministry of Finance has approved

Policies

Exporters Under AA, EOU & SEZ Exempted From Mandatory QCO

Textile Insights March 14, 2024

The Directorate General of Foreign Trade (DGFT) has taken steps to alleviate the burden on exporters operating under Advance Authorisation (AA), Export Oriented Units (EOU), and Special Economic Zones (SEZ). DGFT has done this by enabling provisions to exempt inputs from mandatory Quality Control Orders (QCOs) issued by the Ministry of Steel, DPIIT, and Ministry […]

Policies

Selling Machine Made Products As Handmade Will Be Penalised

Textile Insights March 7, 2024

Textiles Minister Piyush Goyal warned of firm action against those selling machine-made products under the ‘Handmade in India’ label. Piyush Goyal said this during his interaction with beneficiaries of the textile sector and urged them to be vocal for local and take local to global. Also present during the interaction were Minister of State for […]

Policies

Finance Ministry May Tweak 45 Days Payment Rule for MSMEs

Textile Insights March 2, 2024

The government is actively reviewing the concerns of stakeholders and assessing whether there are valid grounds for amendments to this 45-days payment rule for MSMEs. The Union Finance Ministry is contemplating a revision to a recent tax regulation requiring businesses to settle payments to small and medium-sized enterprises (MSMEs) within 45 days. This follows a […]

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Several Initiatives In TN Budget To Promote Textile Industry

Textile Insights February 20, 2024

Tamil Nadu Finance Minister Thangam Thennarasu has announced several initiatives for development of the textile and apparel industry in the state in the Tamil Nadu budget. These include development of the PM MITRA Park in Virudhunagar, Textile Park in Salem, higher capital subsidy for technical textile investments and support for technology upgradation for spinning mills.

Policies

Karnataka To Formulate New Textile Policy 2024-29

Textile Insights February 19, 2024

In his budget speech, Karnataka CM Siddaramaiah said government will formulate a new textile policy 2024-2029 for the development of the textile sector as the earlier textile policy 2019-2024 ends this year. “This policy will also promote greater investment and employment opportunities. We expect a capital investment of Rs 10,000 crore, which will generate 200,000 […]

Policies

Interim Budget’s Infra Push And Measures To Boost Rural Consumption Likely To Revive Textile Demand

February 13, 2024

The domestic textile and apparel sector has welcomed the Interim Budget 2024 presented by the Union Finance Minister Nirmala Sitharaman, even as it fails to meet the expectations in a true sense.  Industry players and observers believe that some of the macro-economic initiatives and measures in terms of  government’s commitment to fiscal consolidation with a […]

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UP’s Budget Allots Slew Of Provisions For Textile Industry

Textile Insights February 7, 2024

The Uttar Pradesh government has allotted Rs 400 crore for the Atal Bihari Vajpayee Powerloom Vidyut Flat Rate Yojana to boost prospects of the state’s powerloom sector in its recently announced budget. A Textile Park of around 1,000 acres near Lucknow and being set up under the PM Mega Integrated Textiles Region and Apparel (PM-MITRA) […]

Policies

Budget Extends RoSCTL Scheme For Apparel & Made-Up Exports

Textile Insights February 2, 2024

Finance Minister Nirmala Sitharaman in her interim budget has continued the Scheme for Rebate of State and Central Taxes and Levies (RoSCTL) for the export of apparels and made-ups until March 31, 2026. The RoSCTL, whose budgetary allocation has been increased by 10 percent, has proven to be instrumental in enhancing the competitiveness of Indian […]

Policies

Key Takeaways Of Indian Interim Budget For Fiscal 2024-25

Textile Insights February 1, 2024

Today Finance Minister Nirmala Sitharman presented the interim union budget for fiscal 2024-25. The Finance Minster did not make any changes in direct and indirect taxes including import duties. Key takeaways of her speech include; Revised Estimates Fiscal 2023-24 Total receipts – Rs 27.56 lakh crore Tax receipts – Rs 23.24 lakh crore Total expenditure […]