The minister calls on the textile industry to invest in the man-made fiber sector

Indian players can benefit from rising labor costs in other countries, says Darshana Vikram Jardosh

Indian players can benefit from rising labor costs in other countries, says Darshana Vikram Jardosh

The center gives a boost to the textile and garment industry to capitalize on traditional strengths in the man-made fiber (MMF) sector, Minister of State for Textiles and Railways Darshana Vikram Jardosh said on Wednesday. The focus will be on manufacturing, infrastructure, technology, innovation and skills, she added.

Opening a virtual conference on “$450 Billion Global MMF Textiles Trade: Growth Beacon for the Indian Textile Industry” organized by the Confederation of Indian Textile Industry (CITI), the minister said India still has a long way to go to become a leading manufacturer of MMF textile products worldwide. While the industry would face stiff competition from established players in the sector – China, Taiwan, South Korea, etc. – the rising labor and manufacturing costs in these countries would provide Indian players with ample opportunity. Indian industry could attract global investment to produce high added value MMF products.

Industry captains should give a boost to the MMF sector by investing in it and making the most of programs like Production Linked Incentive, PM MITRA, etc. Indian youth,” she said.

Textile Minister Upendra Prasad Singh said the world is embracing the China+1 policy and it is the right time for Indian textile manufacturers to boost trade in MMF products. The center was aware of the problems of the MMF sector. However, it would only take the right policy action if it keeps the interests of the larger segment in mind.

T. Rajkumar, Chairman of the Confederation, called on the center to bring the entire MMF value chain below 5% GST to address the reverse tax structure issue, and also sought schemes for the production and development of MMF raw materials that would meet those more naturally similar are fibers.

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