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The government is targeting garment export to increase 18 per cent in this financial year on the back special financial incentives given to the sector. The country registered exports of $17 billion last fiscal.
Kavita Gupta, Textile Commissioner, said the government has given an additional 10 per cent subsidy for the garment and made up segments, which means the home textile industry will effectively get 25 per cent capital investment subsidy on new machines they bring in, leading to efficiency and modernisation of the sector.
Subsidies have proved beneficial for the sector and led to increase in employment and attracted fresh investments, she said after inaugurating the 65th National Garment fair here on Monday.
The textile industry should utilise the various government schemes, she said.
The Clothing Manufacturers Association of India has organised a three-day national garment fair, the largest apparel trade show in Mumbai to showcase business opportunities and attract investments.
“We hope to generate 10 per cent increase in trade at ₹750 crore from this fair, which will display 1,005 brands of 822 exhibitors,” said Rahul Mehta, President, CMAI.
Welcoming implementation of GST, Mehta said the government needs to reduce the GST applicable on job work for garments and made-ups from 18 per cent to 5 per cent.
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