The fabric segment of India wants to seek incentives and support from the current finance minister- Nirmala Sitharaman. The fabric segment is expecting a revenue on February 1. On February 1st, the schemes for the technical innovation and support will be announced. In the revenue, the revenue and traceability of the revenue will be announced for the sustainability of the fabrics.
According to Vinay Thadani,CEO,Vishal Fabrics Limited, the biggest pain point of the textile industry was costlier previously. The government needs to re-look on the present price dynamics. Lastly, we need to look into the specific regions where textile hub is present. Such a step will boost export and give a additional growth. We need to optimize the craftsmanship. This technique will help in serving the less developed in matters of innovation and supply chain dispruptions.
According to Himanshu Thakural, Managing Director of Lion Fabrics Private Limited , “The government should focus on two issues—the inverted GST structure and raw material security for fabric segment. Fabric producers face difficulty due to higher tax rates of raw materials like polyester yarn and chemicals and lower tax on fabric. Their cash flow gets affected due to 3–4-month delay in refund of Input Tax Credit (ITC).” He added by saying that volatility in cotton prices is also detrimental for industry growth. Currently, Indian players are facing difficulty while competing with global players. The finance minister should remove import duty on cotton. The government should also take initiatives for stabilization of cotton prices.