India's share of the world textile market

by:JIYALI     2021-07-30
In 2006, the world textile and apparel trade reached 530 billion U.S. dollars, compared with 483 billion U.S. dollars in 2005. India’s share of the world’s textile and apparel trade in the past three years is as follows:   •2004-2.99%   • 2005-3.66%   • 2006-3.68% To meet international demand, provide high-quality textile products for the international market. However, the Indian textile and garment industry has encountered some bottlenecks, such as high electricity and transaction costs, outdated port facilities, high raw material prices, delayed tax rebates, high consumption taxes, high raw material import tariffs, and inability to provide abundant products for the international market . In order to strengthen the ability of the Indian textile industry to participate in international competition, the government has adopted a series of measures:   (i) In order to improve productivity and the quality of cotton processing of enterprises, and enhance the export competitiveness of downstream textile products, the government has established a Cotton Technical Mission Team (TMC) , The mission team succeeded in improving productivity and reducing pollution through the improvement of the cotton market and the modernization of the ginning packing plant.  (Ii) The purpose of the Technical Update Technology Arrangement (TUFS) is to promote the modernization and upgrading of the textile industry with and without the establishment of enterprises. This arrangement has also expanded investment in subsidiary industries of the textile industry. By reducing import tariffs, the cost of machinery has been reduced. (iii) In order to accelerate the modernization of textile processing enterprises, in addition to 5% of the existing interest compensation, the government also introduced wef 20.04.05 for the TUFS arrangement, which is a type of credit linked to the 10% funding subsidy program . (iv) In order to provide the textile industry with world-class infrastructure and bring enterprises in line with international environmental and social standards, an arrangement based on public-private relations (PPP), known as the Integrated Textile Park (SITP), has been established in 2005 Introduced in August.  (V) In the 2004-05 budget, the entire textile industry, excluding man-made fibers and filaments, can choose to be exempt from consumption tax. In the 2005-06 budget, the central value-added tax (Cenvat) for polyester filaments was reduced from 24% to 16%. The purpose of revising these fiscal taxes is to attract more investment and modernize the textile industry. (vi) In order to promote the import of first-class machinery and enable Indian products to participate in international competition in the post-quota period, in the 2005-06 budget, the import tariff on textile machinery was reduced to 10%, with the exception of the 23 types of machinery on List 49, List 49 There is a basic tariff of 15%. Most machines still retain a 5% concession tariff.  (Vii) The government launched the debt adjustment arrangement w.e.f.9.2003, the main purpose is to allow banks to lend to textile companies at 8-9% interest.  (Viii) In order to meet the ever-increasing demand for technical manpower, the government provides assistance to existing clothing training and design centers and opens new training centers at the same time.  (Ix) The government allows 100% of the foreign direct investment of textile companies to enter India through automatic channels.  (X) The government no longer keeps ready-made garments, socks and knitted garments in the field of small businesses, so that large-scale investment can encourage the development of these businesses.  (Xi) The National Institute of Fashion Technology (NIFT) has been established. The Institute of Fashion Technology will play a leading role by involving trained professionals in management to make the Indian fashion industry more sensitive to the concept of added value.
Custom message
Chat Online 编辑模式下无法使用
Chat Online inputting...
Thank you for your enquiry. We will get back to you ASAP