Economy

Govt approves sops to boost textiles manufacturing, exports

PTI New Delhi | Updated on January 20, 2018 Published on June 22, 2016

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

“The Cabinet has approved concessions to boost manufacturing and exports in textile sector,” official sources said.

Moreover, production incentives through Technology Upgradation Fund Scheme (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 USD 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.

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Published on June 22, 2016
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