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Government approves sops to boost textiles manufacturing, exports

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The Cabinet has approved incentives to boost job creation, manufacturing and exports in labour-intensive textile sector.

Government approves sops to boost textiles manufacturing, exports
Moreover, production incentives through Technology Upgradation Fund Scheme (TUFS) linking capital subsidy will be introduced

“Cabinet has approved concessions to boost manufacturing and exports in textile sector,” official sources were quoted by PTI as saying.

According to a PTI report: Moreover, production incentives through (TUFS) linking capital subsidy will be introduced.

According to sources, the measures also include simplification of labour laws like introduction of fixed term employment and enhancing duty drawback to push textile and apparel exports.

Textiles exports for 2015-16 fiscal stood at $40 billion, falling way short of the $47.5 billion target, a senior Textiles Ministry official had earlier said.

The sector, which is the country’s second largest employer after agriculture, contributes nearly 14 per cent to industrial production and 4 per cent to the GDP.