Govt approves Rs 6,000 crore package to boost textile sector

23 Jun 2016 Evaluate

Giving a boost to textile and garment sectors competitiveness globally, the government has given approval for a special Rs 6, 000-crore package for promotion of exports in Textile and Apparel sector. The package hopes to create one crore new jobs in the textile and apparel industry in three years, attracting investments of $11 billion and generating $30 billion in exports. Finance Minister Arun Jaitley said that the package will help in realizing the true potential of employment generation in the textile and apparel sector. He added that as India has advantage of economies of scale, hence it was decided to take steps to give a boost to the sector.

The package includes a slew of measures which include additional incentives for duty drawback scheme for garments, flexibility in labour laws to increase productivity as well as tax and production incentives for job creation in garment manufacturing. It will also provide more flexible labour laws and financial incentives for sector.

Under the package, the government has cleared the proposal to increase overtime hours for workers which are not to exceed 8 hours per week in line with International Labour Organization norms, in order to bring in flexibility in labour laws. Moreover, the government will bear the entire burden of employers’ contribution to the Employees’ Provident Fund (EPF) scheme for new employees of the garments industry earning less than Rs.15,000 a month for the first three years. Also, EPF shall be made optional for employees earning less than Rs.15,000 per month.

Furthermore, the package breaks new ground in moving from input to outcome based incentives by increasing subsidy under Amended-Technology Upgradation Fund Scheme (ATUFS) from 15 per cent to 25 per cent for the garment sector. The subsidy under the scheme would only be disbursed, once the estimated number of jobs is created. Not only this the package will roll out a scheme wherein manufacturers can claim a refund from the central government on various state levies such as value-added tax and central sales tax that have been paid. It also proposes to relax the criteria for claiming tax benefits under the Income Tax Act.

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