India’s export of textiles and garments showed a CAGR increase of 3.2 per cent in the last three years from Rs 2,47,546 crore in fiscal 2014-15 to Rs 2,63,494 crore in 2016-17. The foreign direct investment (FDI) equity inflow in the sector rose by 169 per cent from $230.13 million in 2015-16 to $618.95 million in 2016-17, says the ministry of textiles.
To enhance investment, production and export in the textile sector, the government has launched a special package for the apparel and made-ups segments of the industry, minister of state for textiles Ajay Tamta informed the lower house of Parliament.
The package includes enhanced duty drawback coverage, rebate of state levies on export of garments and made-ups, additional incentives under Amended Technology Upgradation Fund Scheme (ATUFS) and Scheme for Production and Employment Linked Support for Garmenting Units, Pradhan Mantri Paridhan Rojgar Protsahan Yojana (PMPRPY) and incentives under the Income Tax Act, the ministry said in a press release.
The FDI equity inflow in this sector in April-May in the current fiscal was $ 21.41 million, he said.
The export of readymade garments increased from $16,216 million in 2014-15 to $17,091 million in 2016-17, whereas in the same period the export of cotton textiles, man-made textiles, silk, wool and woollen textiles, and handloom and jute products witnessed a decline.
Source: fibre2fashion.com