Mumbai, Jan 6 (UNI) India plans to set up ‘Bharat Park’ in UAE where Indian goods showroom and warehouses will come up, facilitating other countries in the world to buy Indian goods from ‘Bharat Park’ as the payment system is secured in UAE, stated Union Minister of Textiles & Commerce Piyush Goyal.
Speaking as chief guest during Export Awards function of The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) here on Friday, he further said that the future belonged to man-made fibre textiles (MMF).
While touching upon FTA (free trade agreements) with Japan, Australia, UAE, South Korea and so on, the minister said that utilisation of FTA benefits are very poor in India is a matter of concern.
Goyal announced that BIS will spend Rs 40 crore to set up 21 testing laboratories at various places in India.
Speaking at event, Bhadresh Dodhia, chairman of SRTEPC, said that export of man-made fibre (MMF) textiles will cross USD 6 billion in 2023-24 and export of technical textile will cross above USD 3 billion.
He said that SRTEPC will make efforts to increase the export of man-made fibre textiles to USD 11 billion and export of technical textiles to USD 10 billion by 2030, as per the targets given by the government.
Due to variable duty structure under Goods and Service Tax, he said that SRTEPC has requested the government to cover entire value chain of MMF textiles products under same rate of GST.
Dodhia requested the government to cover the entire value chain of textiles and clothing under the Interest Equalisation Scheme (IES).
SRTEPC distributed 55 Export Awards for the Year 2022-23. Reliance Industries received six awards in various categories, a press release said here on Saturday.
