Govt plans to make Textile sector more competitive: Minister
By TIOL News Service
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NEW DELHI, JULY 30, 2016: GOVT plans to make Textile sector more competitive in global market by providing export incentives under schemes like MEIS, Interest Subvention, MDA, MAI & Duty Drawback. Further, the special package announced recently is expected to boost competency of textile and apparel exports in international markets.
The seasonal flexibility i.e. increase in overtime limit from 50 hours to 100 hours and introduction to fixed term employment are already addressed by Government in the said special package. Apart from this, Government has taken various pro labour and pro industry initiatives like:
1. Reimbursement of entire 12% employer contribution to EPFO
2. Optional EPF for employees earning less than Rs. 15,000
3. Enhanced duty drawback and subsidy under ATUF for apparel manufacturers
4. Modifications under Section 80JJAA of IT Act
All these initiatives will promote economies of scale and modernization of all segments in the Textile and apparel value chain.
This information was given by the Minister of State for Textiles, Mr Ajay Tamta yesterday in a written reply to a Rajya Sabha question.
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