The textile and apparel industry has set a target of $100 billion in exports by 2030 and proposed a five-point plan. Key measures include removing the 10% import duty on cotton fibers, launching an incentivization scheme, fast-tracking PM MITRA parks, expediting FTAs with the EU and USA, and not increasing GST rates for ready-made garments. The latest estimate of the cotton balance sheet by the government shows a demand-supply gap of about 38 lakh bales for the current year.
Source: The Economic Times
India's GDP has doubled over the last decade, growing from $2.1 trillion in 2015 to a projected $4.27 trillion by 2025. The economy shows a strong 6.5% real GDP growth rate, while inflation remains stable at 4.1%. Retail inflation eased to 3.61% in February. Despite rising GDP per capita, India's government debt stands at 82.6% of GDP. Real GDP growth refers to the increase in the value of goods and services produced in the country after adjusting for inflation.
Source: The Economic Times
Finance Minister Nirmala Sitharaman announced that over 30,000 taxpayers voluntarily revised their I-T returns, declaring additional foreign assets and income of approximately Rs 30,300 crore. This was a result of a targeted 'nudge' campaign, where selective SMS and emails were sent to taxpayers, prompting them to disclose their foreign income and assets. "We carried out a 'nudge' campaign in which we nudged taxpayers to voluntarily disclose their Foreign Income and Assets. SMS and E-mails were sent to around 19,501 select taxpayers, asking them to review their Income Tax Returns filed for the 2024- 25 based on information available to Income Tax of foreign deposits etc," she said in reply to Finance Bill 2025 in the Lok Sabha. As a result of the campaign, she said out of 19,501 taxpayers, a total of 11,162 taxpayers revised their returns and filled out Schedule Foreign Assets Form, declaring total assets of Rs 11,259.29 crores disclosing foreign income of Rs 154.42 crore.
Source: The Economic Times
The government on March 25, 2025, said about 11,000 exporters avail the benefits under the interest equalisation scheme to get credit at concessional interest rates.
Interest equalisation has been an important policy instrument, especially for MSME exporters, for bringing down the higher cost of credit incurred by Indian exporters vis-a-vis their foreign competitors, Minister of State for Commerce and Industry Jitin Prasada said in a written reply to the Lok Sabha.
In India, the repo rate stands at about 6.25 per cent, with exporters bearing interest rates ranging between 8 to 12 per cent or even more, depending on the spread and risk assessment of the borrower by the Authorised Dealer Banks. In competing countries, the interest rate is very low. For instance, the central bank rate in 2025 is 3.1 per cent in China, 3 per cent in Malaysia, 2 per cent in Thailand, and 4.5 per cent in Vietnam.
Source: The Business Standard
Chandigarh, Mar 25 (PTI) Buoyed by overwhelming response from entrepreneurs across the state, the Haryana government has decided to extend the Atma Nirbhar Textile Policy 2022-25 along with its subsequent schemes by one year till December 18, 2026.
Additionally, the government has decided to remove the cap on the number of cases under the Capital Investment Subsidy for Textile Units scheme as part of the policy. A decision to this effect was taken in the meeting of the state Cabinet held under the chairmanship of Chief Minister Nayab Singh Saini here on March 25, 2025, an official statement said.
The "Haryana Atma Nirbhar Textile Policy 2022-25" was notified with a targeted investment of ₹4,000 crore and targeted employment generation of 20,000 persons for a period of three years. The policy aims to bolster the textile sector by enhancing entrepreneurial competitiveness through the development of modern infrastructure, the adoption of cutting-edge technologies, and the promotion of efficient and sustainable production practices.
Source: Live Mint
Jawaharlal Nehru Port Authority (JNPA) is set to attain a container handling capacity of 10 million twenty-foot equivalent units (TEUs), the highest among all Indian ports, by April 2025, according to Unmesh Wagh, chairperson, JNPA, and chairperson and managing director, Vadhvan Port Private Limited (VPPL). JNPA will expand its current capacity of 7.7 million TEUs to 10.1 million TEUs with the completion of the second phase of the Bharat Mumbai Container Terminal, which has been awarded to the Port of Singapore. Another 0.3 million TEUs of capacity will be added in the same financial year, making the overall port capacity.
Source: The Business Standard
The government has initiated steps to ban the import of yarn through land ports to prevent misuse of the facility, as these ports lack the capacity to properly identify different categories of yarn, according to sources at the Ministry of Commerce. Ministry officials stated that the decision follows a request from textile millers, who have long argued that yarn imports through land ports undermine local industry. Instead, they proposed that yarn, a key raw material for the ready-made garment (RMG) industry, should be imported only through seaports. Apparel exporters have expressed concerns that restricting yarn imports through land ports could negatively impact small and medium-sized factories that rely on them for easier and more cost-effective access to raw materials. "The sudden ban will put additional pressure on small factories, particularly those in border areas, which depend on land ports for quick and flexible imports. This could lead to financial distress," said a senior official from the Bangladesh Garment Manufacturers and Exporters Association. BTMA's rationale for the ban The Bangladesh Textile Mills Association (BTMA), representing spinning and textile mill owners, made the request for the ban in a letter to Finance Adviser Salehuddin Ahmed. The letter, signed by BTMA President Showkat Aziz Russell, was forwarded to the National Board of Revenue in late January for regulatory consideration.
Source: Tbs News
The company, a subsidiary of Antex Fashion Group, said the expansion project includes the construction of additional factory sheds and residential quarters for staff. The announcement was made during a visit to the factory by Feseha Yitagesu, the CEO of the Industrial Parks Development Corporation (IPDC), on March 25, 2025.
The construction of a three-block residential building has already begun to accommodate more than 6, 000 employees. The IPDC says its CEO Feseha assured the company officials that his office would “provide full support to ensure the timely completion of the expansion”. Antex Textile’s factory has more than 4,500 employees and plans to increase the number to 20,000 once the expansion project is complete. The company manufactures a range of products include sportswear, swimwear, down jackets, shirts, caps, and pants as well as all kinds of uniforms and knitted and woven garments – all of which are exported to the global market.
Source: Ethiopia Monitor
The European Commission (EC) has approved a €5 billion (~$5.4 billion) German scheme under European Union (EU) State aid rules to support companies subject to the EU Emissions Trading Scheme (ETS) in decarbonising their production processes. The move aligns with both Germany’s energy and climate goals and the EU’s wider aims for sustainable prosperity and competitiveness.
The scheme aims to assist German industry in reducing carbon dioxide (CO2) emissions through advanced technologies including electrification, hydrogen, carbon capture and storage (CCS), carbon capture and use (CCU), and energy efficiency improvements. It follows a similar initiative approved in February 2024, EC said in a press release.
Source: FIbre2fashion
