P Nataraj, Chairman,Southern India Mills Association (SIMA) and Managing Director, KPR Mill says, the performance of textiles industry during the financial year 2017-18 has been slightly better than last year. Yarn and cloth production, during the year, increased to 5,676 million kg and 66,524 million sq m as against 5,667 million kg and 63,482 mn sq m.
Though affected by demonetisation and goods and services tax (GST), the economy was back to normal now, indicating steady growth. Major policy initiatives that could address the GST- related issues were reduction of the tax on man-made filament and spun yarn from 18 to 12 per cent as well as inclusion of all textile job work under a GST of 5 per cent. Though major demands in respect to the GST have been addressed, some issues are yet to be addressed.