Apparel March 2020 Apparel March 2020 issue | Page 18

MARKET WATCH India Budget 2020 for Textile and Clothing: What Industry Leaders have to say CMAI Welcomes Union Budget 2020-2021 The Clothing Manufacturers Association of India (CMAI) the Apex Association of the Apparel Industry of the Country welcomed the Union Budget presented in Parliament by Hon’ble Finance Minister Smt Nirmala Sitharaman on February 1, 2020 as positive and growth oriented. Mr Rakesh Biyani, President, CMAI, said that the most important step in this Budget for the Industry was the removal of the Anti – Dumping duty on PTA, which was a long standing demand of the Textile Manufacturing Value Chain, as PTA is a crucial input for polyester production. This will potentially open up the MMF Value Chain, and give a filip to the entire MMF industry thus enhancing its global competitiveness. Technical Textiles, Home Furnishing, Sportswear Industry, Sarees, Dress Materials etc, will all benefit greatly from this move. This move has the potential of being an important game changer for the MMF segment of the Industry. Mr Biyani further stated that other than this, there are several other measures which could benefit the Textile Industry, but which appear to be work in progress at this point of time – such as the Technical Textile Mission, a review of the Rules of Origin especially in our FTAs, a review of cheap imports of goods being made by our MSME Sector, refund of all the Taxes and Levies for Exports, and the targeting of making every District an Export hub. The proposed financing of Invoices of the MSME Sector could again be a huge benefit to the Industry, which is largely comprised of the MSME Units. If indeed all these plans fructify as per the stated goals and objectives, this could be a landmark Budget for the Industry. Kudos to the Textile Ministry and Hon. Prime Minister for some very bold steps. 16 I APPAREL I March 2020 All industry leaders across the board have lauded the removal of the anti dumping duty on PTA. “This will give a major boost to the Indian textile industry and will help downstream industry stay competitive,” says T Rajkumar, Chairman, CITI. Reacting to Budget proposals 2020-21, Ashwin Chandran, Chairman, Southern India Mills’ Association (SIMA), stated that PTA being imported from different countries including China, Indonesia, Taiwan, Iran, Malaysia, attracts anti-dumping duty of approximately US$27 to US$160 per metric tonnes depending on the country of origin. India on the other hand, faces shortage of PTA which curtails capacity utilisation in the polyester industry. “This shall help the country enhance its global competitiveness, boost exports and enable domestic manufacturers to compete with cheaper imports,” he said. Excerpts from Fashionating World Aditya Birla Fashion and Retail brings Fred Perry to India Aditya Birla Fashion and Retail Ltd (ABFRL) has partnered with British Heritage Brand Fred Perry to launch the latter in the Indian market. Fred Perry entered the Indian market with its first standalone store in the country at DLF Promenade shopping mall, New Delhi. The store is spread over an area of 1100 square feet and will house a range of the brand’s most iconic products including the latest collections and collaborations. Commenting on the launch of Fred Perry in India Amit Pande Brand Head at ABFRL in a statement said, “Fred Perry the Brand has always been synonymous with timeless heritage and iconic collaborations. The brand has long been recognised and embraced by the discerning Indian and we are delighted we are bringing Fred Perry to the country.” Excerpts from fashionnetwork.com