Join PM Suraksha Bima Yojana: Irani tells textile industry

Union Textile Minister Smriti Irani today appealed to textile industry to join 'Pradhan Mantri Suraksha Bima Yojana' (PMSBY) for the benefit of workers.
"I congratulate the Clothing Manufacturers Association of India (CMAI) for organising largest ever apparel trade show and urge the industry to take part in the 'Pradhan Mantri Suraksha Bima Yojana' in which by paying a premium of Rs 1 per month, the worker will get an insurance cover of Rs 2 lakh," Irani said after inaugurating the 63rd National Garment Fair here.
The PMSBY will benefit garment workers immensely, as largest number of people work in the textile sector in the country after agriculture, she said.

CMAI president Rahul Mehta said the total size of the domestic apparel industry is estimated at around Rs 2,50,000 crore.
"Out of this, the (size of) organised market is Rs 74,250 crore (30 per cent) whereas (size of) unorganised market is Rs 175,750 crore (70 per cent). The domestic apparel industry's size is estimated to double within next 7 years," he said.
The garment B2B Fair, said to be the largest ever so far in country, has 742 stalls displaying 812 brands.

Approximately, 40,000 retailers from across the country are expected to visit the three-day expo.
"For the first time, an Iranian delegation with 12 members belonging to Tehran Garment Union will visit the fair. The Iranian garment market is estimated at USD 16 billion, of which, 40 per cent comes from domestic sources and rest through imports.

"India has been absent from there due to an extremely high import tax by Iranian government - 55 per cent on apparel and 32 per cent on textiles," Mehta said.
He said Iran has agreed to reduce import duty to 20 to 25 per cent in 2 years.
"Iran offers immense opportunities for Indian export with a combination of western, traditional taste, he added.
Textile Commissioner Kavita Gupta said the draft National Textile Policy is ready and it would be presented to the Cabinet for approval.