Textile Industry Round Up (24/07/17 to 29/07/17)

Published on July 29, 2017

The Indian textiles industry, currently estimated at around US$ 120 billion and is likely to reach US$ 230 billion by 2020.

In the textile sector, the mood is optimistic. Analysts of all hue and leanings are convinced that the Goods and Services Tax (GST) regime is a indication of glad tidings for all.

As per report, the players in the textiles sector are planning for major expansion in production and trade.  Market players have turned out to be visionary. In earle moves, the GST Council has announced a sharp cut in rates on the merchant services, whittling it down to 5 per cent from 18 per cent.

Recently the new media strategy has provided a fresh platform to the artisans, helping them to emerge out of the cloak of anonymity. The ministry has used the new communication medium innovatively to connect every single weaver to a consumer. The digital platform connects the craftsmen (and women) to the huge body of buyers who use the yarn to earn a living.

The formula used is to introduce modern technology and global trends to the weavers, but take precaution to ensure that the uniqueness of their age-old skill remains intact. t certainly looks as though the long awaited good times has finally arrived for the weavers of India.

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