Govt to unveil package for Knitwear industry in 2 months

The government will announce a package for the country’s knitwear sector in the next two months, a top official said. The package is expected to provide a level-playing field to the knitwear industry, which is facing tough competition from countries like China owing to factors like lower automation and lack of technology upgradation. “We met […]

The government will announce a package for the country’s knitwear sector in the next two months, a top official said.

The package is expected to provide a level-playing field to the knitwear industry, which is facing tough competition from countries like China owing to factors like lower automation and lack of technology upgradation.

“We met stakeholders on a package for the knitwear sector on June 5 and held consultations on the draft scheme. We will give a shape to their suggestions and decide on the size of the package. We will announce the package guidelines in two months time,” Secretary in the Textiles Ministry Anant Kumar told PTI.

The government in June 2016 had approved a Rs 6,006 crore special package for textiles and apparel sector to create 1 crore new jobs in three years, attracting investments of $11 billion and generating $30 billion in exports.

In December, it included the made-ups segment comprising pillows, cushions, etc. in the Rs 6,006 crore package.

Source: Business World