Indian government mulls cutting import taxes on raw cotton
The Indian government is thinking about lowering or removing taxes on imported raw cotton to help out the textile industry, which is feeling the pinch from rising material costs, thanks in part to global tensions.
Even though most of India's cotton comes from local farms, some special types still need to be imported from places like the US Egypt, and Australia.
Textiles ministry targets $100bn textile exports
textiles ministry official Bipin Menon shared that talks are ongoing with other departments about adjusting these duties to make Indian textiles more competitive.
The ministry also wants to scrap a 2.5% tax on rayon-grade wood pulp (used for viscose fibers).
Plus, a monitoring cell has been set up as readymade garment exports have dipped slightly this year: the big goal is to boost annual textile exports up to $100 billion by 2030.