 "Smriti Irani")
Hinting that the textile industry is expected to have an uniform GST rate, Union Textile Minister Smriti Irani on Friday said that a conference will be held soon to decide on the issue.
Responding to pleas at a meeting of textile industries associations and stakeholders here, for fixing five per cent GST rate, the lowest slab for the industry, Irani assured that there would be neutrality in the rate.
However, a conference on GST to be held soon, will decide the rate, she said.
Later, talking to reporters after attending the Parliamentary Consultative Committee meeting on Development of Powerloom sector, Irani said that the government has launched PowerTex India on April 1 for the benefit of powerloom industry.
Stating that the objective of this unique scheme with a component of an in-situ upgradation was to provide financial assistance to economically weaker low-end powerloom units to upgrade from plain to semi-automatic/shuttle-less looms, as it can help them improve quality and productivity.
The budgetary allocation for the power sector had gone up from Rs.52 crore in 2015-16 to Rs.110 crore in 2016-'17 and Rs.166 crore this fiscal, she said.
Later, briefing reporters about the deliberations of the meeting, Textile Commissioner Kavita Gupta said responding to appeals to tide over the crisis of frequent fluctuation of yarn prices, Irani had informed that the Ministry had come out with a yarn bank scheme at providing interest-free corpus fund.
As as result, she said 11 members can form a special purpose vehicle consortium for which the government would provide Rs Two crore and a matching amount should be invested by the stakeholders and stock the yarn for use at the time of a crisis.
When asked about the much-awaited National Textile Policy, the official said it was in the final stage and would be announced shortly.
To a question on textile exports, Gupta said that it remained stable at USD 40 billion, with increase in the exports of readymade garments, with Tamil Nadu contributing 40 per cent.
