The “Bharat Park”

Blog Credit: Trupti Thakur

Image Courtesy: Google

The “Bharat Park”

India’s Minister for Commerce and Industry and Textiles Piyush Goyal announced plans for the ‘Bharat Park’ at the Synthetic & Rayon Textiles Export Promotion Council’s Export Awards ceremony in Mumbai, Apparel Resources reported. Goyal attended the event as chief guest and addressed the crowd to share industry developments.

In his address, Goyal noted that the UAE boasts secure payment mechanisms which would encourage international buyers to make orders from Indian businesses at the proposed Bharat Park. Goyal also opined that India does not currently make full use of its free trade agreements with numerous territories and proposes pursuing ways to make the most of these international deals.

The government is focused on increasing exports of man-made fibre textiles and expects the sector to cross $6 billion in exports in the 2024 financial year. Goyal stated in his address that man-made fibre textiles are the future and that the Union Government is committed to uplifting the industry.

India plans to set up ‘Bharat Park’ in UAE where Indian goods showrooms and warehouses will come up. This will be to facilitate other countries of the world to buy Indian goods from ‘Bharat Park’ as the payment system is secured in UAE, stated Union Minister of Textiles & Commerce Piyush Goyal. He was speaking as Chief Guest during the Export Awards function of The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) on 4th January 2024 held in Mumbai.

He further stated the future belonged to Man Made Fibre Textiles (MMF).

Goyal informed while speaking on FTA (Free Trade Agreement) with Japan, Australia, UAE, S. Korea etc. that the utilization of FTA benefits is very poor in India is a matter of concern.

Piyush Goyal announced that BIS will spend Rs. 40 crore to set up 21 testing laboratories at various places in India.

Bhadresh Dodhia, Chairman – of SRTEPC stated that man-made fibre textiles export in 2022-23 touched US$ 5.8 Billion as against US$ 6.8 Billion in 2021-22, registering a negative growth of (-) 15.3%. Export of technical textiles touched US$ 2.5 Billion in 2022-23 as compared to US$ 2.8 Billion in 2021-22, registering a negative growth of (-) 11.9%.

Export of man -made fibre textiles during April to October 2023 have touched US$ 3.1 Billion as compared to US$ 3.4 Billion during the same period last year, registering a negative growth of 9.4%. Likewise export of technical textiles touched US$ 1.51 Billion during April to October 2023 as compared to US$ 1.5 Billion during the same period last year, registering a positive growth of 0.5%.

Bhadresh Dodhia further stated that ‘we are confident that export of man- made fibre textiles will cross US$ 6 Billion in 2023 – 24 and export of technical textile will cross above US$ 3 Billion’.

SRTEPC will make its best efforts to increase the export of man- made fibre textiles to US$ 11 Billion and export of technical textiles to US $ 10 Billion by 2030, as per the targets given by the government.

Manmade fibre textiles sector is facing the problem of inverted duty structure under GST. There is 18% GST on fibres, 12% on yarns and 5% on fabrics. This is leading to accumulated input tax credits with the manufacturers, which id adding to their cost. SRTEPC requests to cover the entire value chain of MMF Textiles products under same rate of GST.

Dodhia requested the government to cover the entire value chain of textiles & clothing under the Interest Equalization Scheme.

SRTEPC distributed 55 Export Awards for the Year 2022-23. Reliance Industries received 6 awards in various categories. Other award recipients included Dodhia Synthetics Ltd., Banswara Syntex Ltd., D’ Decor, Grasim, Vardhman Textiles, RSWM Ltd. etc. The Lifetime Achievement Award was given to Rakesh Mehra, Women Entrepreneur Award was given to Ms. Neha Jhunjhunwala.

The Award Function was graced by Smt. Roop Rashi, Textile Commissioner, Alexander -Poland Ambassador in Mumbai and Suresh Kotak.

The Welcome Address was given by Shi Dhiraj Raichand Shah, Convener of -Export Award Committee and a Vote of Thanks was given by Shaleen Toshniwal, Vice Chairman – SRTEPC.

SRTEPC will be now known as ‘MATEXIL’ (The Man-made And Technical Textiles Export Promotion Council.

 

 

Blog Credit: Trupti Thakur