You are here: Home » B2B Connect » Budget 2014 » manufacturing
Business Standard

A COMMERCIAL FEATURE

What's this ?

Commercial Feature is a Business Standard Digital Marketing Initiative.

The Editorial/Content team at Business Standard has not contributed to writing or editing these articles.

For further information, please write to assist@bsmail.in

Government to invest Rs 200 cr in 8 textile mega clusters

To encourage exports of readymade garments, FM proposed to increase the duty free entitlement for import of trimmings, embellishments and other specified items

BS B2B Bureau  |  Mumbai 

Finance Minister Arun Jaitley has announced to set up eight textile mega clusters at Varanasi, Bareily, Lucknow, Surat, Kutch, Bhagalpur, Mysore and one in Tamil Nadu with a sum of Rs 200 crore. Jaitley also proposed to provide Rs 50 crore to set-up a Trade Facilitation Centre and a Crafts Museum to develop and promote handloom products and carry forward the rich tradition of handlooms of Varanasi.

To encourage exports of readymade garments, the Finance Minister has proposed to increase the duty free entitlement for import of trimmings, embellishments and other specified items from 3% to 5% of the value of their exports. Apart from it, faster clearance of import and export cargo will also be implemented to reduce transaction costs and improves business competitiveness.

The textile industry, which plays a pivotal role in the economic life of India, also majorly contributes to industrial output, employment generation and the export earnings of the country. It contributes about 14% to the industrial production, 4% to the GDP and 11% to the country’s export earnings. The textile sector is the second largest provider of employment after agriculture.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, July 10 2014. 18:34 IST
RECOMMENDED FOR YOU

Government to invest Rs 200 cr in 8 textile mega clusters

To encourage exports of readymade garments, FM proposed to increase the duty free entitlement for import of trimmings, embellishments and other specified items

To encourage exports of readymade garments, FM proposed to increase the duty free entitlement for import of trimmings, embellishments and other specified items

Finance Minister Arun Jaitley has announced to set up eight textile mega clusters at Varanasi, Bareily, Lucknow, Surat, Kutch, Bhagalpur, Mysore and one in Tamil Nadu with a sum of Rs 200 crore. Jaitley also proposed to provide Rs 50 crore to set-up a Trade Facilitation Centre and a Crafts Museum to develop and promote handloom products and carry forward the rich tradition of handlooms of Varanasi.

To encourage exports of readymade garments, the Finance Minister has proposed to increase the duty free entitlement for import of trimmings, embellishments and other specified items from 3% to 5% of the value of their exports. Apart from it, faster clearance of import and export cargo will also be implemented to reduce transaction costs and improves business competitiveness.

The textile industry, which plays a pivotal role in the economic life of India, also majorly contributes to industrial output, employment generation and the export earnings of the country. It contributes about 14% to the industrial production, 4% to the GDP and 11% to the country’s export earnings. The textile sector is the second largest provider of employment after agriculture.

image
Business Standard
177 22

Government to invest Rs 200 cr in 8 textile mega clusters

To encourage exports of readymade garments, FM proposed to increase the duty free entitlement for import of trimmings, embellishments and other specified items

Finance Minister Arun Jaitley has announced to set up eight textile mega clusters at Varanasi, Bareily, Lucknow, Surat, Kutch, Bhagalpur, Mysore and one in Tamil Nadu with a sum of Rs 200 crore. Jaitley also proposed to provide Rs 50 crore to set-up a Trade Facilitation Centre and a Crafts Museum to develop and promote handloom products and carry forward the rich tradition of handlooms of Varanasi.

To encourage exports of readymade garments, the Finance Minister has proposed to increase the duty free entitlement for import of trimmings, embellishments and other specified items from 3% to 5% of the value of their exports. Apart from it, faster clearance of import and export cargo will also be implemented to reduce transaction costs and improves business competitiveness.

The textile industry, which plays a pivotal role in the economic life of India, also majorly contributes to industrial output, employment generation and the export earnings of the country. It contributes about 14% to the industrial production, 4% to the GDP and 11% to the country’s export earnings. The textile sector is the second largest provider of employment after agriculture.

image
Business Standard
177 22