April 22, 2024
Industry

India Plans Setting Up ‘Bharat Park’ In UAE For Secure Trade Facilitation

India plans to set up ‘Bharat Park’ in UAE where Indian goods showroom and warehouses will come up. This will facilitate other countries of the world to buy Indian goods from ‘Bharat Park’ as the payment system is secured in UAE, stated Union Minister of Textiles & Commerce Piyush Goyal. He was speaking as Chief Guest during the export awards function of The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) on 4th January, 2024 held in Mumbai.

Goyal further stated the future belonged to Man Made Fibre Textiles (MMF). He informed while speaking on FTA (Free Trade Agreement) with Japan, Australia, UAE, S. Korea, etc. that the very poor utilisation of FTA benefits in India is a matter of concern.

Goyal announced that BIS will spend Rs. 40 crore to set up 21 testing laboratories at various places in India.

Bhadresh Dodhia, Chairman – SRTEPC, said that “Man-made fibre textiles export in 2022-23 touched US$ 5.8 billion as against US$ 6.8 billion in 2021-22, registering a negative growth of 15.3%. Export of technical textiles touched US$ 2.5 billion in 2022-23 as compared to US$ 2.8 billion 2021-22, registering a negative growth of 11.9%. Exports of man-made fibre textiles during April to October 2023 have touched US$ 3.1 billion as compared to US$ 3.4 billion during the same period last year, registering a negative growth of 9.4%. Likewise export of technical textiles touched US$ 1.51 billion during April to October 2023 as compared to US$ 1.5 billion during the same period last year, registering a positive growth of 0.5%.”

Dodhia further stated that “we are confident that export of man-made fibre textiles will cross US$ 6 billion in 2023-24 and export of technical textile will cross US$ 3 billion”.

SRTEPC will make its best efforts to increase the export of man-made fibre textiles to US$ 11 billion and export of technical textiles to US $ 10 billion by 2030, as per the targets given by the government.

Manmade fibre textiles sector is facing the problem of inverted duty structure under GST. There is 18% GST on fibres, 12% on yarns and 5% on fabrics. This is leading to accumulated input tax credits with the manufacturers, which is adding to their cost. SRTEPC requests to cover the entire value chain of MMF textiles products under same rate of GST.

Dodhia requested government to cover the entire value chain of textiles & clothing under the Interest Equalization Scheme.

SRTEPC distributed 55 export awards for the year 2022-23. Reliance Industries received 6 awards in various categories. Other award recipients included Dodhia Synthetics Ltd., Banswara Syntex Ltd., D’ Decor, Grasim, Vardhman Textiles, RSWM Ltd. etc. The Lifetime Achievement Award was given to Rakesh Mehra and the Women Entrepreneur Award was given to Neha Jhunjhunwala.

The award function was graced by Roop Rashi, Textile Commissioner, Alexander, Poland Ambassador in Mumbai and Suresh Kotak.

The welcome address was given by Dhiraj Raichand Shah, Convener -Export Award Committee and the vote of thanks was given by Shaleen Toshniwal, Vice Chairman – SRTEPC.

SRTEPC will be now known as ‘MATEXIL’ (Man-made And Technical Textiles Export Promotion Council).

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