After hearing views of major industry associations in the region, Union Minister for Textiles Santosh Gangwar said all their fifteen demands are very reasonable and assured them steps would be taken to find a solution.
Terming their demands as reasonable, Union Minister for Textiles Santosh Gangwar on Friday assured the captains of the textile industry of looking into their demands and grievances, as also discussing their issues with the commerce and finance ministries.
After hearing views of major industry associations in the region, he said all their fifteen demands are very reasonable and assured them steps would be taken to find a solution.
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The associations thanked Gangwar for announcing Amended Technology Upgradation Fund Scheme (A-TUFS) with a record Rs 17,822 crore allocation, extending export incentives for textile products under Interest Equalisation Scheme, enhancing duty drawback rates for various textile products and steps to promote coastal movement of cotton from Gujarat to Tamil Nadu in a cost effective manner.
They urged the minister to address some more issues to create a level-playing field in the globalised environment and enable the industry to achieve the target of $300 billion (nearly Rs 20,334,00 crore) textile business size by 2023 from the current level of $110 billion (nearly Rs 74,55,80 crore) as set by the Prime Minister.
The demands include continuation of Optional Central Value Added Tax (Cenvat) route, fixing lowest slab of Goods and Services Tax (GST) for the textile industry, extending export incentives for cotton yarn export, reduction of excise duty on Man Made Fibres from 12.5% to 6% and compensate farmers directly whenever the cotton market price rules below minimum support price (MSP).
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