According to Piyush Goyal, Union Minister for Textiles, Commerce and Industry, Consumer Affairs, Food and Public Distribution, a decision on abolishing the import tax on cotton will be made following discussions with the Agriculture Ministry.
The Minister told The Hindu when asked about the textile sector’s request to have the 11% cotton duty removed: “We need to balance the interests of the farmers and the industry. Following discussion with the Agriculture Ministry, we will make a decision.
Regarding the nearly one-year decline in textile and apparel exports, he stated that the market for goods like jewellery, diamonds, and textiles had been hurt by the economic slowdown in a number of nations.
Regarding the industry’s request for PLI Scheme 2.0 and the extension of the deadline for new applications to the Production Linked Incentive (PLI) Scheme for MMF (man-made fibre) garments, MMF textiles, and Technical Textiles until October 31, The two programmes, according to Mr. Goyal, were aimed at various textile sector divisions.
