New Delhi [India], Dec 15 (ANI-BusinessWire India): The Cotton Textiles Export Promotion Council popularly known as TEXPROCIL celebrated the achievement of its member exporters at a glittering awards function at Hotel Sahara Star on 14th December 2017.
The Hon'ble Minister of Textiles and Information & Broadcasting, Smriti Zubin Irani was unable to come to the event but in a gracious video message to the industry she complimented the award winners to keep up the good work in the sector. In the Minister's absence, the Textiles Commissioner, Dr. Kavita Gupta graciously accepted to be the Chief Guest at the function.
The event was inaugurated with lighting of traditional lamp by Dr. Kavita Gupta, Textiles Commissioner along with the Chairman of Texprocil Ujwal Lahoti and the Vice Chairman, Dr. K V Srinivasan.
Ujwal Lahoti, Chairman, Texprocil in his opening remarks congratulated all the award winners for facing the challenges of a slow global demand and intense price pressures to emerge leaders in their respective line of businesses during the year 2016-17.
In his speech, the Chairman complimented the Hon'ble Minister of Textiles and Information & Broadcasting, Smriti Zubin Irani for her untiring efforts in conducting extensive consultations with all the stakeholders from time to time to understand the issues faced by the textiles industry. He said that she was instrumental in the inclusion of Made ups under the ROSL Scheme which was originally introduced to cover only readymade garments and also thanked her for keeping the entire cotton textiles sector at the GST rate of 5 percent and for reducing the GST rate on job work in the textile sector to 5 percent.
Shri Lahoti mentioned that the Government recently increased the ROSL rate for cotton Made ups from 1.55 percent to 2.20 percent and also the entitlement of the duty credit scrips on export of Made ups from 2 percent to 4 percent under the MEIS. These measures will enable Made ups exporters to partially overcome the disadvantage which they are facing in leading markets like the EU and the US as compared to products from some of the competing nations which enjoy zero duty access, he added.
He also said that the GST will certainly lead to growth of the textile sector in the days to come by improving the competitiveness of the textiles sector by bringing down costs which is the primary objective of this landmark indirect taxation regime. However he added that delays in GST refunds are leading to serious working capital and financial problems for many of the textiles units in addition to the procedural & compliance issues faced by them.
Lahoti stated that Cotton Yarn was one single product for which there were no benefits under the Foreign Trade Policy 2015-20. He urged the government to include Cotton yarn under the MEIS and 3 percent Interest Equalization Scheme. He said that it will give the necessary boost to the Cotton spinning sector and ensure its survival and sustenance.
Concluding his speech, the Chairman also urged the government to get fabrics included under the ROSL scheme and also to increase the MEIS from 2 percent to 4 percent rate at par with Made ups as the weaving sector is labour intensive and can create additional employment opportunities.
In her address to the textile industry, the Chief Guest at the function Dr. Kavita Gupta lauded the efforts and performance of the exporters as well as the winners of the prestigious Texprocil Awards.
She encouraged the industry to align their growth with more innovation as it was the key to increase exports. She stressed the fact that the industry should focus on technical textiles as it still remained a vastly unexplored segment in the textile sector.
She added that the government's support through various schemes like the recent increase in MEIS should spur the industry to spiral towards healthy growth.
Dr Gupta also mentioned that India should occupy the relative space that is being vacated by China as that is one opportunity that India should not let go.
She mentioned that along with exports the industry should also look at signing MoUs with intra segments like the signing of MoU between PDEXCIL and CMAI in the Textiles India Show held at Gandhinagar in July 2017, where fabrics from the power loom sector will be used for making garments by the CMAI members.
She concluded by saying that the government is always there to back and support the industry but it finally depends on each company within the industry to grow by supporting each other thereby scaling greater heights in the exports sector.
Dr. Kavita Gupta later distributed the awards for excellence in exports of yarns, fabrics and home textiles. The coveted highest global exports platinum trophy was presented to Welspun Global Brands Ltd. Other recipients of the Awards included Vardhman Textiles, Trident Ltd., Alok Industries, Arvind Ltd, Loyal Textiles, Premier Mills, Lahoti Overseas among others.
Dr. K V Srinivasan, Vice Chairman of Texprocil then proposed a Vote of Thanks.(ANI-BusinessWire India)