The Government plans to give subsidy and tax breaks to boost synthetic Yarn Production

India, once a big player in textiles back in the 1990s, is now facing some tough times in the industry. 

With nearly 50 million people working in this sector, things aren't looking great. 

One of the big problems is that India isn't keeping up with making synthetic yarn, which is in high demand worldwide and mostly dominated by China.

Right now, India only has about 5-6% of the global synthetic textile market. 

This means we're relying a lot on importing stuff from China, which isn't good for our textile exports and makes our industry weaker.

To tackle these issues, the government is exploring ways to enhance domestic production of synthetic yarn. 

This includes offering subsidies and tax incentives to establish advanced manufacturing units, with the goal of boosting the sector's competitiveness overall.

Additionally, there are plans to modernize small, informal weaving and processing units by upgrading their technology. 

This initiative aims to enable these units to produce goods that meet global standards and can compete effectively with Chinese products.

03/05/2024 11:05am