In a groundbreaking announcement at the Synthetic & Rayon Textiles Export Promotion Council's Export Awards function, Union Minister of Textiles & Commerce, Piyush Goyal, revealed India's ambitious project to establish 'Bharat Park' in the UAE. This initiative aims to house showrooms and warehouses for Indian goods, enabling countries worldwide to conveniently purchase Indian products with the assurance of secure payment systems in the UAE.
Focusing on future trends in textiles
Minister Goyal emphasized the future dominance of Man-Made Fibre Textiles (MMF) during his address. While speaking on Free Trade Agreements (FTA) with key nations such as Japan, Australia, UAE, and South Korea, he expressed concerns over India's underutilization of FTA benefits.
Investment in testing infrastructure
To ensure the quality and compliance of Indian products, Goyal announced a significant investment of Rs. 40 crore by the Bureau of Indian Standards (BIS). This fund will be allocated to establish 21 testing laboratories across various locations in India.
Challenges and prospects in textile exports
Chairman of SRTEPC, Bhadresh Dodhia, provided insights into the challenges faced by the Man-Made Fibre Textiles sector. The negative growth of (-) 15.3% in MMF exports in 2022-23 was a concern, along with a similar downturn in technical textiles at (-) 11.9%. However, Dodhia expressed optimism about the future, predicting that MMF exports would exceed US$ 6 billion and technical textile exports surpassing US$ 3 billion in the current fiscal year.
Addressing GST and inverted duty structure
Highlighting industry concerns, Dodhia addressed the inverted duty structure under the Goods and Services Tax (GST). The sector faces challenges with an 18% GST on fibres, 12% on yarns, and 5% on fabrics, resulting in accumulated input tax credits for manufacturers. SRTEPC advocated for a uniform GST rate across the entire value chain of MMF Textiles products.
SRTEPC rebranded as ‘MATEXIL’
In a strategic move, the Synthetic & Rayon Textiles Export Promotion Council has been rebranded as 'MATEXIL' - The Man-made And Technical Textiles Export Promotion Council. This reflects the council's commitment to promoting both Man-Made Fibre and Technical Textiles in the international market.
Honoring excellence in textile exports
The Export Awards ceremony recognized outstanding achievements in the industry. Notable awardees included Reliance Industries, which received six awards in various categories, alongside other industry leaders such as Dodhia Synthetics Ltd., Banswara Syntex Ltd., D’ Décor, Grasim, Vardhman Textiles, and RSWM Ltd. Rakesh Mehra received the Lifetime Achievement Award, and Neha Jhunjhunwala was honored with the Women Entrepreneur Award.
The event witnessed the presence of distinguished guests, including Roop Rashi, Textile Commissioner, Alexander - Poland Ambassador in Mumbai, and Suresh Kotak. The Export Award Committee's Convener, Dhiraj Raichand Shah, delivered the welcome address, while Shaleen Toshniwal, Vice Chairman of SRTEPC, extended the vote of thanks.
