Apparel industry body AEPC Apparel Export Promotion Council (AEPC) is expecting around Rs.5,000 crore fresh investments into the sector during the current fiscal. The factory will be in Navi Mumbai and he needs Rs.6-7 crore to open the new factory with 250 machines. The Cabinet, on June 22, cleared a Rs.6,000-crore incentive package for the textiles and apparel sector to create one crore new jobs over the next three years, and attract investments worth $11 billion and generating $30 billion in exports. In fact, I am optimistic that we should be easily crossing these targets as the entire industry is very happy with the package and bullish on investments. He, however, said the 9.5 per cent duty on exports is still a worry, which competitors from Vietnam, Bangladesh and Cambodia don’t pay.

Source: The Hindu July 03, 2016 20:37 UTC