Delinking subsidy from bank loans a great boon for Indian textiles

Powerloom Machine

The Maharashtra Government, led by the Bhartiya Janata Party or the BJP has recently announced the provision of subsidy to owners of textile mills that wouldn’t be linked to bank loans. In what can be denoted a first-time move by the government, the textile industry on the whole would gain immense benefits. This has come to be of major relief to the large majority of Muslim powerloom owners, who had been demanding this delinking for a long time now. These Muslim powerloom owners, along with a large number of workers had always felt that the usury as well as the bank loans were against their religion, considering the fact that Islam does not allow the practise of taking or giving loans.

Union Minister Gangwar Up for Changes in Labour Laws

Mr  Santosh Kumar Gangwar, Union Minister, Textile Ministry is of the opinion, that the government is required to initiate changes in the existing policies, especially those pertaining to the labour laws in order for the Indian Textile industry to lead the world, and gaining the number one position, thus beating China.

The Impact Of Use Of Intellect On American Textile

The history of American textiles can be traced right from the development of spinning jenny by James Hargreaves, wherein eight hand spinners were conveniently replaced by one operation. It was then that Samuel Slater assembled all such processes, and set up the first textile mill in the United States, in the year 1793, and hence came to be known as the father of the Industrial Revolution of America.

Textile Hub Proposed in Bengal

Eastern India, especially West Bengal is now looking at expanding its textile industries, and in fact becoming a textile hub for all we know. As a major step towards this goal, the state government has launched an initiative, with the objective of opening up somewhere over a dozen textile parks.

Textile Exporters and Importers Will Gain from Renewal of GSP

It took a long wait of more than 18 months, but eventually the US Government did renew the Generalized System of Preferences (GSP) thereby enabling the duty-free entry of close to a whopping 3,500 product lines from Indian Exporters. These product lines are slated to include merchandise from numerous verticals including textiles, gems and jewellery, engineering and chemical products. This renewal has been given a retrospective extension ranging from the bygone August 2013 to December 2017.

Indian textile and apparel exports to USA have risen by 7 percent

It seems that at least for the Indian Textile and Garment Industry, the central government’s ‘Make In India’ is working quite perfectly. A record surge of the country’s export, to its largest market, the United States, stands testimony to its success.

Substantial Increase Of Textile Export Expected From Africa To USA Due To Duty Free Trade Treaty

As per the statement of an official from the US, the textile and apparel exports from Africa to the USA might quadruple to a whopping $4 billion in the coming decade owing to the extension of the duty-free trade treaty. The African Growth and Opportunities Act (AGOA), is a trade program which avails certain sub-Saharan nations duty free access to USA, the world’s largest apparel market, thus giving Africa a great competitive edge over other nations Asian such as Bangladesh and Vietnam. The AGOA was established back in the year 2000, and was renewed past its stipulated expiration date in 2008.