Intex is being held at a time when India is increasingly opening up her markets to the world. In fact, India is positioned to become the sourcing hub for textiles and materials, catering not only to its own market but also of the entire South Asian region. India is now an international destination for apparel Fabrics & Accessories manufacturers and suppliers worldwide.
Why India?
· Being a big consumer as well as exporter of fabrics and apparel, India is strategically placed to become a global sourcing hub for textile materials
· A resurgent economy, with textiles as a major engine for growth, India is attracting world focus as a favoured destination
· An open market economy, disappearing boundaries and lower import tariffs offer India a unique opportunity to become a world-class supplier of textile and apparel
· Leading global apparel companies and retailers are consolidating their sourcing out of India
In fact, the strategic timing of Intex got a further boost when India's Finance Minister, Mr. P. Chidambaram, announced the country's Union Budget for 2005-06 in March this year giving the Textile industry a major boost.
Some of the new trade and fiscal policy initiatives that weigh heavily in favour of the textile and clothing industry include:
· Peak Customs duty on semi finished and finished textile products like fibers, yarns, fabrics and garments reduced to 15% from 20% earlier.
· Local Excise Duty on polyester filament yarn brought down to 16% from 24% earlier.
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