The Rs 6,000-crore special package announced in 2016 for the textiles and apparel sector generated extra investment of around Rs 2,500 crore and additional employment of around 1 lakh in the first twelve months of its rollout, a report said today.
The findings of the survey conducted by the Apparel Export Promotion Council (AEPC) also suggested that Remission of State Levies (RoSL) had a positive impact on the garment industry. After the implementation of the RoSL in September, 2016, India’s readymade garment (RMG) exports increased by 2.7 per cent in value terms and grown by 6.4 per cent in volume terms,”AEPC said.
“The Special Package for textiles has not only boosted exports but has also helped in increasing the investments,” it added. “RoSL has been a well thought out scheme, which had a positive impact on the garment industry. There is direct correlation between release of RoSL to exporters vis-a-vis increase of India’s RMG exports.
Though demonetisation and Goods and Services Tax (GST) roll out has temporarily slowed down the industry, the positive impact of RoSL is expected to bring results in 2018-19, as the industry settles down, post GST roll out,” HKL Magu, Chairman, Apparel Export Promotion Council (AEPC) said.