Nearly 65 memoranda of understanding (MoUs) were inked on the second day of the three-day global textile and handicrafts events, Textiles India 2017, on Saturday.
Speaking with reporters at Helipad grounds, the venue of the event, Union Textiles Minister Smriti Irani termed implementation of the GST or Goods and Services Tax as “one of the shining examples of cooperative federalism”. The new tax regime started Friday midnight.
Textiles India 2017 showcased the value chain of the Indian textile industry and the handloom and handicrafts sector. Of the partnerships that were forged, three MoU’s were between governments, while the rest (62 MoU’s ) were between businesses, informed Irani.
“Among the government partnerships, we have inked an MoU between India and Australia on handloom, handicraft and fashion sector, and just now a request has come from Australian firms to work on improving wool quality in India with Indian companies. India and the Chinese government have signed an MoU so that Chinese researchers and the National Silk Board can work in tandem in the field of silk research. Silk waste can be harnessed in pharmaceuticals and beauty products and this MoU will explore opportunities in diversification and also in sericulture. BGMEA University of Fashion and Technology or BUFT from Bangladesh and the National Institute of Fashion Technology (NIFT) will partner for exchange of fashion research. Close to 62 MoUs were inked between businesses and this is a proof that the Indian textile industry is looking to forge international partnerships to grow their local businesses. We also want to closely link the textile industry with tourism, which is why Union Tourism and Culture Minister Mahesh Sharma will be present at the event.”
While Assam, Maharashtra and Andhra Pradesh were partner states for the mega trade show, Telengana, Karnataka, Jharkhand were focus states. There were special sessions for investment opportunities in Andhra Pradesh, Maharashtra, Assam and Gujarat.
Speaking on the GST rollout, Irani said, “Yesterday, the industry came together on one stage here, in one voice, supporting the Prime Minister on this national tax reform called GST. Everybody knows that this was step taken in convergence, conversation and cohesion with all the state governments. Everybody knows that journey was unanimously travelled by governments across the country — one of the shining examples of cooperative federalism. Everybody knows that those who have trade under Rs 20 lakh do not have to file returns and those who have trade up to Rs 75 lakh can avail of the composite scheme… I think that in some ways it gives a lot of security and support to small traders. State governments and finance ministry have given out facts that need to be put in the public domain. One needs to recognise that this is not an individual decision, but one taken by every state government, every political party in this country.”