Commerce and Industry Minister Nirmala Sitharaman on Thursday said that the incentive package given by the government will give the required thud to the textile industry by providing help to exports and opening up new job opportunities. Stating that the sector has a lot of job creation, the minister said that the sector has provided a lot of advantage to the country.
The incentive provided to the sector is a result of the requirement to match up the global developments. A package of Rs. 6000 crore got approved by the Union government recently for the textile and apparel sector with an aim to create one crore new job options in three years. The industry is expected to attract investments of over $11 billion and is eying an export figure of $30 billion. In 2014-15, about $17 billion had come in India through the exports from the textile industry. Small countries like Bangladesh and Vietnam is posing challenge to India as they are getting access to the developed country markets through lower tariffs and are increasing their business there.
Talking about the possible effect of Britain exiting the European Union and the India-EU free trade agreement, the minister said, “We are waiting for the dates. It is my doubt that if because they are waiting for the outcome of Brexit, they have not yet given the dates as yet. The moment they give the dates, we will be keenly wanting to continue the talks to reach the conclusion at the earliest.” Both the sides had been facing issues like intellectual property rights, duty cut in automobile and spirits and liberal visa regimes, which is stalling the trade agreement that began way back in June 2007 between the two. The pact will eliminate tariffs on goods, facilitating trade in services and will boost investments for both the sides.