India Plans To Set Up ‘Bharat Park’ In UAE

Share Story on

(L to R) Shaleen Toshniwal –Vice President, Dhiraj R. Shah, Convener-Export Award Committee, Shri Bhadresh Dodhia and Shri Piyush Goyal.

Mumbai (Maharashtra) [India], January 8: India plans to set up ‘Bharat Park’ in UAE where Indian goods show room and warehouses will come up. This will be to facilitate other countries of the world to buy Indian goods from ‘Bharat Park’ as the payment system is secured in UAE, stated Union Minister of Textiles & Commerce Shri Piyush Goyal. He was speaking as Chief Guest during Export Awards function of The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) on 4th January, 2024 held at Mumbai.

He further stated the future belonged to Man Made Fibre Textiles (MMF).

Shri Goyal informed while speaking on FTA (Free Trade Agreement) with  Japan, Australia, UAE, S. Korea etc. that the utilisation of FTA benefits are very poor in India is a matter of concern.

Shri Piyush Goyal announced that BIS will spend Rs. 40 crore to set up 21 testing laboratories at various places in India.

Shri Bhadresh Dodhia, Chairman – SRTEPC stated that man- made fibre textiles export in 2022-23 touched US$ 5.8 Billion as against US$ 6.8 Billion in 2021-22, registering a negative growth of  (-) 15.3%. Export of technical textiles touched US$ 2.5 Billion in 2022-23 as compared to US$ 2.8 Billion 2021-22, registering a negative growth of (-) 11.9%.

Export of man -made fibre textiles during April to October 2023 have touched US$ 3.1 Billion as compared to US$ 3.4 Billion during the same period last year, registering a negative growth of 9.4%. Likewise export of technical textiles touched US$ 1.51 Billion during April to October 2023 as compared to US$ 1.5 Billion during the same period last year, registering a positive growth of 0.5%.

Shri Bhadresh Dodhia further stated that ‘we are confident that export of man- made fibre textiles will cross US$ 6 Billion in 2023 – 24 and export of technical textile will cross above US$ 3 Billion’.

SRTEPC will make its best efforts to increase the export of man- made fibre textiles to US$ 11 Billion and export of technical textiles to US $ 10 Billion by 2030, as per the targets given by the government.

Manmade fibre textiles sector is facing the problem of inverted duty structure under GST. There is 18% GST on fibres, 12% on yarns and 5% on fabrics. This is leading to accumulated input tax credits with the manufacturers, which id adding to their cost. SRTEPC requests to cover the entire value chain of MMF Textiles products under same rate of GST.

Shri Dodhia requested government to cover the entire value chain of textiles & clothing under the Interest Equalization Scheme.

SRTEPC distributed 55 Export Awards for the Year 2022-23. Reliance Industries received 6 awards in various categories. Other award recipients included  Dodhia Synthetics Ltd., Banswara  Syntex Ltd., D’ Décor, Grasim, Vardhman Textiles, RSWM Ltd. etc. The Lifetime Achievement Award was given to Shri Rakesh Mehra, Women Entrepreneur Award was given to Ms. Neha Jhunjhunwala.

The Award Function was graced by Smt. Roop Rashi, Textle Commissioner, Mr. Alexander –Poland Ambassador in Mumbai and Mr. Suresh Kotak.

The Welcome Address was given by Shi Dhiraj Raichand Shah, Convener –Export Award Committee and Vote of Thanks was given by Mr. Shaleen Toshniwal, Vice Chairman – SRTEPC.

SRTEPC will be now known as ‘MATEXIL’ (The Man-made And Technical Textiles Export Promotion Council.

www.srtepc.in

If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.



Search By Category

Recent News

You May Also Like

Babu88Sports to Sponsor Telugu Warriors for CCL 2024

Babu88Sports to Sponsor Telugu Warriors for CCL 2024

Babu88Sports, a leading entertainment and sports management company, proudly announces its sponsorship for the renowned cricket team Telugu Warriors in the upcoming Celebrity Cricket League

Ahmedabad Celebrates New Retail Destination and Marks Anniversary in Style

Ahmedabad Celebrates New Retail Destination and Marks Anniversary in Style

Ahmedabad (Gujarat) [India], February 24:  Ahmedabad was in for a delicious surprise as Palladium Ahmedabad celebrated a dual milestone: the grand opening of their much-anticipated

Better health of healthcare workers in India: A Closer Look Insights by Dr. Gopal Sharan MD & CEO of TRLS Healthcare Consultancy

Better health of healthcare workers in India: A Closer Look Insights by Dr. Gopal Sharan MD & CEO of TRLS Healthcare Consultancy

New Delhi (India), February 24: In the noble profession of healthcare, where the real human touch is felt, dedicated healthcare workers render invaluable services to

Gripping poster of Gujarati movie “31st” unveiled

Gripping poster of Gujarati movie “31st” unveiled

Ahmedabad (Gujarat) [India], February 24: Excitement is mounting as the much-anticipated poster of the Gujarati film “31st” was unveiled in Ahmedabad on Wednesday, offering a tantalising

Akshaya Patra and The Breakfast Revolution Collaborate With USA Based ‘Share Our Strength’ To Impact 10,000 Children For Nutritious Meals

Akshaya Patra and The Breakfast Revolution Collaborate With USA Based ‘Share Our Strength’ To Impact 10,000 Children For Nutritious Meals

Culinary maestro Sanjeev Kapoor, and Chefs Asma Khan, Manish Mehrotra, Prateek Sadhu and Anil Rohira come together to provide a special dining experience to guests

Varmora Granito Unveils Flagship Showroom in Dewas, Madhya Pradesh

Varmora Granito Unveils Flagship Showroom in Dewas, Madhya Pradesh

Dewas (Madhya Pradesh) [India], February 24: Varmora Granito, a leading manufacturer of Tiles, Sanitaryware, and Bathware, is excited to announce the grand opening of its