'Bharat Park' Showroom In UAE To 21 Testing Labs, Slew Of Measures Announced For Textiles

New Delhi, Jan 5 (KNN) Commerce and Textiles Minister Piyush Goyal announced on Thursday that a showroom and several warehouses for Indian products will be established in the United Arab Emirates (UAE).

The proposed 'Bharat Park' aims to enable countries worldwide to purchase Indian goods.

He also announced that the Bureau of Indian Standards (BIS) is allocating Rs 40 crores to establish 21 testing laboratories across the country.

Expressing concerns about Free Trade Agreements (FTAs) with Japan, Australia, UAE, and South Korea, Singh highlighted the low utilisation of benefits in India.

Minister Goyal shared this information during an event organised by the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC).

According to a statement from SRTEPC, the manmade fibre textiles sector is grappling with issues related to an inverted duty structure under the Goods and Services Tax (GST) regime.

The statement highlighted that there is an 18 per cent GST on fibres, 12 per cent on yarns, and 5 per cent on fabrics, resulting in accumulated input tax credits for manufacturers and consequently increasing their costs.

(KNN Bureau)