: Compendium released on Manmade Fibre Garments #FinanceIndia #StockMarketNEWS Compendium released on Man-made Fibre Garments New Delhi, Jul 16 (KNN) Textiles Secretary Upendra Prasad Singh has released
@stockMarketNEWS Fri 16 Jul, 2021
Compendium released on Manmade Fibre Garments #FinanceIndia #StockMarketNEWS
Compendium released on Man-made Fibre Garments New Delhi, Jul 16 (KNN) Textiles Secretary Upendra Prasad Singh has released Compendium on MMF (Man Made Fibre) Garments during the Executive Committee meeting of the Apparel Export Promotion Council (AEPC) at the Apparel House in Gurugram.
Interacting with the Executive Committee members on Wednesday, Singh appreciated the efforts of the Council in bringing out the compendium that covers details of all 90 MMF garment HS lines, including the top 10 high potential MMF garments for the USA market. It has the details of fabrics used to produce the 90 HS lines and their supplier details.
The Textiles Secretary said that the apparel sector is very important for the economy as it provides livelihood to a large segment of population and has a major contribution towards exports and GDP. He also assured the members of addressing the issues faced by the apparel exporters in increasing their share in the global apparel trade.
Singh further said that the Rebate of State and Central Taxes and Levies (RoSCTL) scheme, along with the proposed Production Linked Incentive (PLI) scheme and Mega Investment Textile Parks (MITRA), would help apparel manufacturers see their exports registering a quantum jump.
“We apparel exporters thank the government and the Ministry of Textiles for accepting our request for the PLI scheme for the MMF segment. Accordingly, AEPC has also taken a number of initiatives to promote MMF garments and create awareness amongst our member exporters about availability of opportunities for exports in MMF garments sector, said AEPC Chairman Dr A Sakthivel.
“The aim of the compendium, which has details of HS codes, pictures, fabric suppliers and prices, is to ensure better preparedness by the industry. Presently MMF garments contribute to around 165 billion dollars in total RMG exports of 470 dollars billion globally. India’s mill fibre consumption ratio of Cotton Vs MMF is 60:34. On the contrary, the global mill fibre consumption ratio of Cotton Vs MMF is 30:70. It gives a huge opportunity for Indian apparel manufacturers to diversify in MMF garments,” he added.