Clothes Manufacturing & Exports, India
The Indian Government has announced a Rs6,000-crore Package for the Textiles and Apparels sector to help it wrest a bigger share of the Global Market. The package also provides the sector more flexible labor Laws and Financial Incentives. It hopes the package will create 1 Crore new jobs in 3 years, attract Rs74,000 Crore in Investment and generate $30 billion in Exports earnings.
5,000 Cr of Investments to flow in Indian Apparel Manufacturing
AEPC Chairman Ashok Rajani declared that the Industry possibly will ensure 5,000 crore CapEx in a time ahead.
Apparel Export Promotion Council of India is hopeful for Rs.5,000 Crore of Investments to be sailed in the Apparel Manufacturing Industry in Current Fiscal. The Investments could generate over two million Work Vacancies.
Calling the freshly declared Rs.6,000 Crore supportive package by the Government as ‘game changer,’ AEPC Chairman acknowledged that the Industry can witness Rs.5,000 Crore CapEx in near time to come.
The extra Venture Capital in Garment Manufacturing units in India has a facility to give way to two million Jobseekers and that the actions can practically double the Capital Subsidy to 25% of Investment.
The Chairman is confident that the goals can be reached certainly as the Industry got a fresh package and flood of Investments are on track.
The better Duty Drawback of 12.25%, an increase from previous 7.25%, is a key takeaway from the package leaving the ball in the court of an Industry.
On June 22, 2016, the Indian Cabinet passed a 6,000 Crore Incentive Package for the Apparel and Textile Industry in an attempt to produce one Crore Job Openings in next three years, attract $11 Billion worth investments and earn $30 Billion via Exports.
Indian Apparel Industry confident of achieving $30 bn exports target
The industry vouchsafed an inclusive Investment of Rs.623 Crore to attain a goal.
Apparel Exports Promotion Council (AEPC), the official federation of Apparel Exporters in India, said that it is certain of completing the mark of $30 Billion in Exports set by the Government, and as well as pledged to go beyond to outdo it.
The press conference was arranged to deliver the facts of the execution proposal and the way forward, on the special package of reforms announced by the Government for the Textile and Apparel Sector.
Last week, the Respective Government has declared a special package of Rs.6,000 Crore for Textiles and Apparel Sector, to generate one Crore further Vacancies in the next 3 years and produce $30 Billion in Exports.
AEPC, in a presentation, cited that there is an imperative demand for Job Creation and there is a huge potential for Employment in the Apparel Sector.