Special Package for textiles sector acted as an engine of growth for the industry as a whole: AEPC Survey
New Delhi, May 8 (KNN) Since the announcement of Rs 6000 crore special package for textiles by the Ministry of Textiles in June 2016, there has been an increase in investments as well as exports have boosted, a survey by Apparel Export Promotion Council (APEC) said.
As per the survey report, the 6000 crore special package generated additional investment of around Rs 2500 crore and additional employment of around a lakh in the first 12 months of the roll out.
Further, findings of the survey suggest that remission of state levies (ROSL) had a positive impact on garment industry, since its implementation.
The report highlights that the post implementation of ROSL in September, 2016, India’s RMG exports has increased by 2.7% in value terms and grown by 6.4% in volume terms, which shows a direct correlation between the releases of ROSL to exporter’s vis-à-vis increase of India’s RMG exports.
Commenting on the findings of the AEPC survey, HKL Magu, Chairman, AEPC said, "RoSL has been a well thought out scheme, which had a positive impact on garment industry.”
Though Demonetization and GST roll out has temporarily slowed down the industry, the positive impact of ROSL is expected to bring results in 2018-19, as the industry settles down, post GST roll out, he added.
Apparel Export Promotion Council (AEPC) is the official body of apparel exporters in India that provides invaluable assistance to Indian exporters as well as importers/ international buyers who choose India as their preferred sourcing destination for garments.