The entire industry will get relief of about 11 thousand crores from this scheme. This will not only benefit Indian businessmen in competition against countries like Vietnam and Bangladesh, but will also create jobs on a large scale.
New Delhi. To give relief to the textile sector in the country, the government’s production-based incentive scheme can start from next month. This plan is at its final stage. A cabinet note related to the scheme has been sent by the Ministry of Textiles for approval. This note can be approved in one to two months, after which it will be implemented.
According to the information, the entire industry will get relief of about 11 thousand crores from this scheme. This will not only benefit Indian businessmen in competition against countries like Vietnam and Bangladesh, but will also create jobs on a large scale.
Also read: Gold Silver Price Today: Gold becomes cheaper, silver falls by Rs 580, know the price of 10 grams of gold
In this way you will get incentive
Out of the total incentive, seven thousand crore rupees can be kept for incentive man made fiber. At the same time, relief of about four thousand crore rupees can be given for technical textiles. After taking over as the new Textiles Minister, Piyush Goyal has approved this policy after a comprehensive review and a cabinet note has been prepared last week.
Also read: Last date of GST waiver scheme extended by three
second largest employment sector
It is the second largest employing sector after agriculture. Due to this, four and a half thousand crore people have got direct employment and six crore people have got indirect employment. After the incentive scheme, it is expected that India’s lost hold in the global market can be further strengthened.
Tax exemption scheme extended
Earlier in July, the deadline for the tax exemption scheme on textile exports was extended till March 2024. The Center had announced a production-based incentive scheme of two lakh crores for the financial year 2021-22.