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Textile Minister expects early nod for US$26.15 million knitwear package

The textile ministry is expecting the finance ministry to clear Rs 170-crore special package for the knitwear sector at the earliest with an aim to boost job creation and lift sagging exports. Textile ministry officials say the idea is to make domestic manufacturers more competitive. This is an employment-intensive sector so any effort to boost investment will result in job creation.

The official also stated consultation between the textile and finance ministry is currently stuck on the issue of monetary resources needed for the package, amounting to around Rs 170 crore. The package will be announced as soon as the finance ministry gives its go-ahead, as no Cabinet approval was needed for the proposal entailing less than Rs 200 crore.

The move comes in the backdrop of reforms announced by the government for generation of one crore jobs in the textile and apparel industry over next three years. The textiles ministry had earlier rolled out similar plans for the apparel as well as the made-ups, which includes towels and decorative cotton products etc.

The knitwear industry, which mainly comprises small and medium enterprises, was left out in the earlier scheme of things. Exporters believe that the package can ease the pain especially after the goods and services tax rollout.