Textile Min expects early nod for Rs 170 cr knitwear package
New Delhi, Jan 14 (PTI) With an aim to boost job creationand lift sagging exports, the textile ministry is expectingthe finance ministry to clear Rs 170-crore special package forthe knitwear sector at the earliest.
"The idea is to make the domestic manufacturers morecompetitive. This is an employment-intensive sector so anyeffort to boost investment will result in job creation," a toptextile ministry official told PTI.
The official said that the consultation between thetextile and finance ministry is currently stuck on the issueof the monetary resources needed for the package, amounting toaround Rs 170 crore.
He said the package will be announced as soon as thefinance ministry gives its go-ahead, as no Cabinet approvalwas needed for the proposal entailing less than Rs 200 crore.
The move comes in the backdrop of the reforms announcedby the government for generation of one crore jobs in thetextile and apparel industry over next three years.
The textiles ministry had earlier rolled out similarplans for the apparel as well as the made-ups, which includestowels and decorative cotton products etc.
"We have given it to apparel and made-ups, knitwear isalso a finished product, so its natural that a package for itis being finalised," said the official.
The knitwear industry, which mainly comprises small andmedium enterprises, was left out in the earlier scheme ofthings. Exporters believe that the package can ease the painespecially after the goods and services tax rollout. PTI RSNBAL.
This is unedited, unformatted feed from the Press Trust of India wire.