Live Markets »News & Advice»Latest Stories»Latest Stories Details
Latest Stories Details
Back

Textile ministry wants early nod for Rs 1.7-bn knitwear package from FinMin

Press Trust of India/New Delhi 14 Jan 18 | 11:57 AM

With an aim to boost job creation and lift sagging exports, the textile ministry is expecting the finance ministry to clear Rs 1.7-billion special package for the knitwear sector at the earliest.

"The idea is to make the domestic manufacturers more competitive. This is an employment-intensive sector so any effort to boost investment will result in job creation," a top textile ministry official told PTI.

Related Stories

    No Related Stories Found
Widgets Magazine

The official said that the consultation between the textile and finance ministry is currently stuck on the issue of the monetary resources needed for the package, amounting to around Rs 1.70 billion.

He said the package will be announced as soon as the finance ministry gives its go-ahead, as no Cabinet approval was needed for the proposal entailing less than Rs 2 billion.

The move comes in the backdrop of the reforms announced by the government for generation of one crore jobs in the textile and apparel industry over next three years.

The textiles ministry had earlier rolled out similar plans for the apparel as well as the made-ups, which includes towels and decorative cotton products etc.

"We have given it to apparel and made-ups, knitwear is also a finished product, so its natural that a package for it is being finalised," said the official.

The knitwear industry, which mainly comprises small and medium enterprises, was left out in the earlier scheme of things. Exporters believe that the package can ease the pain, especially after the goods and services tax rollout.

Widgets Magazine

Sensex

Company Price Gain (%)
ICICI Bank297.551.47
Reliance Inds.1,032.351.22
H D F C1,855.250.47
Tata Motors306.550.31
Infosys1,246.350.24

Poll

Currently No Poll Available.

Online Portfolio

You can create Online Portfolio here using the below button.

Widgets Magazine