India May Announce Incentives For Textile & Garment Sector
The government of India may announce fiscal incentives for the ailing textile and garment by this year-end, which has been impacted by decline in export orders.
According to media reports, the incentives may be provided under the production linked incentive (PLI) scheme that the government offers, to boost manufacturing in various sectors.
Referring to industry representatives meeting textile and finance ministry officials, earlier in August, T Rajkumar, Chairman of CITI said the government may make an announcement by December.
The textile sector representatives had requested the government for fiscal incentives under the PLI Scheme, while also urging it to withdraw 11 percent import duty on imported cotton.
In August, the government had reviewed the PLI Scheme, under which, it had proposed offering thousands of crores in incentives to various production sectors in 2020.
It may be noted here that textile and garment shipments from India had slipped around 14 percent to $11.25 billion in the first four months of the current fiscal.
