Ravi Sam, Vice Chairman, The Cotton Textiles Export Promotion Council (Texprocil) thanked the Union government for successfully signing the FTA with Europe and the UK and also for bringing down the duties and tariffs with the USA from 50% to 18%.
In a recent interview to ANI, Mr.Sam said expressed his gratitude to Prime Minister Narendra Modi ji, our Commerce Minister Piyush Goyal , our External Affairs Minister and our Finance Minister for all the efforts they have put in getting India this FTA with Europe and UK.
He also thanked them for bringing down the tariffs from USA, that was 50 % to 18%, and said that govt has also promised the industry that India will get a 0% duty for textile products that is being exported to the US, similar to what our neighboring countries have got.
Speaking further, Ravi Sam said, “This is a big path-breaking time for textile industry in India. For almost 2 decades, Indian textile industry could not access the Europe and UK market because of the anti-dumping duty (ADD) that was put on Indian products, which was not there for all the products that were coming from our neighboring countries.”
“Now that the tariff has been brought to 18%, (it is one of the lowest that we have got from all the neighboring countries) and also with the 0% duty that is going to be available for the Indian textile products, the Indian textile industry is poised for a great growth in the next few years, rather starting immediately.”
Mr. Sam opined that this is one of the best times for the textile industry and textile entrepreneurs.
“We have already started looking at expansions, (and have begun doing) everything that we have been holding back for the past 1 year. We have also started looking at new markets in Europe and the UK, customers have already started approaching us. Most of us are the stage of product development.”
“Our farmers are also going to have one of the best times because of the increased consumption that is going to happen in India.”
“With the new cotton mission 2.0 announced by the government I hope that we start having more productivity, in cotton and better quality in Indian cotton, so that the farmers are able to take the full benefit of these FTA and the 0% duty we are going to get with the US UK and Europe.”
“Employment is also going to increase in this area. Because most of us are going to double our production for exports. So employers, employees, farmers are going to benefit, there cannot be a better situation for the textile industry (than this).”
“At the same time I would like to add that in SITRA and Texprocil ,we have already started setting up labs for cotton traceability and also (a lab) in Texprocil for certificate of origin – that will denote where a product is made. The procedures for all these have already started.”
“So soon we will be fully ready to get a zero duty and also everything that European countries requires in-terms of accountability and traceability.”
