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Cabinet approved Rs. 6,000 crore package for textiles, apparel

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Union Cabinet chaired by Prime Minister Narendra Modi approved a 6000 crore for domain of textiles and apparels.

Venue:  New DelhiBill

Purpose:

  • To establish over 1 crore new jobs in three years
  • Investments extent of USD 11 billion and producing USD 30 billion in exports

Additional Features:

  • Additional incentives for duty drawback scheme for garments
  • Adaptation in labour laws to increase productivity and laws
  • Production incentives for job creation in garment manufacturing
  • Accomplishing the  true strength of employment generation  in  the  textile and apparel  sector

Advantages over China:

  • Manufacturing of apparels shifted to countries namely China which is cost advantages over few years
  • The cost advantage had neutralised in the increase of labour wages

Textiles Secretary Rashmi Verma said that India would overtake Vietnam and Bangladesh in garment exports within three years if we properly execute the package

Measures taken:

  • Guiding flexibility in labour laws are increasing overtime hours among workers
  • Implementation of fixed term employment looking at the seasonal nature of the garment sector
  • The package gives incentives by increasing subsidy under Amended ­TUFS from 15 % to 25 % for the garment sector as an extra support to employment generation
  • The employment opportunities for women nearly 70% under the scheme
  • Department of Economic Affairs Secretary Shaktikanta Das announced Sunset clause provided under under Pradhan Mantri Rozgar Protsahan Yojana (PMRPY)

Union Government approved Protocol amending the Agreement for avoidance of double taxation and prevention of fiscal evasion with Belgium

The Union Government signed of Protocol amending the agreement between India and Belgium in order to avoid the double taxation and prevention of fiscal evasion with respect to Income Tax

Features of the Amendment:

  • Will enhance the scope of the existing policies of exchange of tax related information between the two countries
  • Help to stop tax evasion and tax avoidance
  • Revise the existing agreement provisions on mutual assistance in collection of taxes